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
-
GM, PSA Execs Rush to Build Support for Opel Sale
Top executives from General Motors Co. and PSA Group are scrambling to build support among alarmed European government and labor leaders for a plan to integrate GM’s Opel unit with PSA.
-
Targets of U.S. Aluminum and Steel Tariffs Declare Counter-Measures
As expected, the European Union, Canada and Mexico have announced a broad array of counter-tariffs in response to U.S. import taxes of 10% on foreign aluminum and 25% on foreign steel that went into effect at midnight.
-
VW Workers Again Reject UAW at Tennessee Plant
Hourly workers at Volkswagen AG’s assembly plant in Chattanooga, Tenn., have again voted against having the United Auto Workers union represent them.