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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.
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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.
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