With President Donald Trump tweeting last Friday threating a 20 percent tariff on all imports of European Union assembled cars, the EU has responded by saying it would raise their tariffs on imports of U.S.-built vehicles.
“If they decide to raise their import tariffs, we’ll have no choice, again, but to react,” said EU Commission Vice President Jyrki Katainen.
“We don’t want to fight (over trade) in public via Twitter. We should end the escalation.”
This comes a month after the Trump administration announced an investigation into new car imports on the grounds of national security. U.S. Commerce Secretary Wilbur Ross said late last week the department is expected to wrap up their investigation by late July or August. A number of groups have condemned the investigation and threat of tariffs, one saying that it is “confident that vehicle imports do not pose a national security risk.” Diamler AG announced last week full-year earnings will be slightly lower than last year because of the threat of tariffs.
Source: Reuters
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