Mexican Media Brands
Top Car-Making Nations to Meet on U.S. Trade Tariff Threat
Envoys from the world’s largest carmaking countries reportedly will meet in Geneva on July 31 to discuss President Donald Trump’s threat to impose tariffs on cars built outside the U.S.
#economics
Share
Envoys from the world’s largest carmaking countries will meet in Geneva on July 31 to discuss President Donald Trump’s threat to impose a 25% import tax on cars built outside the U.S., sources tell Reuters.
The group will represent Canada, the European Union, Japan, Mexico and South Korea, according to the sources. They say several of the countries already have been in touch with each other.
Reuters notes some of the representatives also scheduled to meet this week individually with the head of the World Trade Organization. The news service says the carmaking nations are trying to decide whether to negotiate, file a complaint with the WTO or prepare to impose retaliatory measures.
Trump ordered the Dept. of Commerce in late May to determine whether imported cars represent a threat to national security. He used the same claim to justify U.S. tariffs of 25% on foreign steel and 10% on imported aluminum.
Reuters says the car-producing countries don’t expect to take any action until the White House announces its plan. Trump will have 90 days to act after he receives an opinion from the Commerce Dept.
RELATED CONTENT
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.