Mexican Media Brands
Trump’s Latest Tariff Threat: 20% on Cars from EU
President Donald Trump is threatening to impose a 20% tariff on all vehicles assembled in the European Union.
#labor #economics
Share
President Donald Trump is threatening to impose a 20% tariff on all vehicles assembled in the European Union.
Trump says he will drop the plan only if the EU withdraws €2.8 billion ($3.3 billion) in punitive duties unveiled earlier today. The European tariffs are in response to earlier U.S. protective taxes imposed on imported aluminum and steel.
Trump’s latest volley against foreign-made cars comes as the U.S. Dept. of Commerce pursues a separate assessment to justify a 25% import duty on all imported vehicles, including those made in Canada and Mexico.
That tax, like those imposed on aluminum and steel, would be based on a finding that foreign cars pose a security threat. The Commerce Dept.’s report is expected in July.
The Alliance of Automobile Manufacturers reiterates its view that tariffs won’t achieve the results Trump seeks: a growing economy fueled by more jobs and local production.
The U.S. currently levies import duties of 2.5% of cars and 25% on pickup trucks. The EU charges a 10% tax on vehicles from the U.S.
RELATED CONTENT
-
Cheerio Car Shows (?)
While there is all manner of consternation regarding Brexit in the U.K. and the E.U.—the issue of the Brits departing from the European Union—there is an exit of another sort that could conceivably be telling—a small clue, mind you, but a clue nonetheless—about the future of the automobile in the U.K.
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
Tesla Fires Hundreds of Employees It Considers Sub-Par
Tesla Inc. dismissed roughly 400 hourly and salaried employees last week, according to The Mercury News in San Jose, Calif.