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Trump threatens tax on European cars

Trump threatens tax on European cars

Trump threatens tax on European cars

In telephone conversations Saturday, Trade Minister Hiroshige Seko conveyed strong concerns about planned U.S. tariffs on steel and aluminum imports to U.S. Commerce Secretary Wilbur Ross.

Bring it on, Trump wrote.

Mr. Trump seemed to have an answer in a tweet: "Trade wars are good, and easy to win".

Mr. Trump has long seized on what he perceives as the unfair barriers that American automakers face in exporting their cars, noting that many Mercedes-Benzes can be seen on the streets of NY but few Chevrolets on the streets of European cities. Canada and the European Union have already promised they will.

U.S. President Donald Trump announced his plan on Thursday to protect the steel and aluminum industry by imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, which will come into effect next week.

The EU is poised to hit back against U.S. President Donald Trump's tariffs on steel imports by rolling out countermeasures against €2.8 billion-worth of U.S. exports including Levi's jeans, Harley-Davidson motorbikes and bourbon whiskeys.

Trump has since publicly championed his move, bragging that "trade wars are good, and easy to win".

The likelihood of higher prices for consumer products resulting from the tariffs hit the U.S. stock market overall. But neither country supplies the USA with high percentages of its steel or aluminum. That is followed by Brazil and South Korea, with steel imports from China down 5% in the most recent period.

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Canadian Prime Minister Justin Trudeau said any tariffs on steel and aluminium would be "absolutely unacceptable".

For example, German automakers Volkswagen, Daimler AG and BMW AG build vehicles at plants in the U.S. and BMW employs more than 9,000 workers in SC, making it one of the state's largest employers.

The US is the most important export country for Germany's rolled steel products and the second-most important destination for the European Union, after Turkey, according to official data.

"I'd wonder if this isn't just a first step, that Trump has in mind raising other tariffs". Last year, he called German vehicle imports, valued at $23 billion in 2017, terrible, and chided European carmakers for failing to open manufacturing plants on United States territory.

"Ultimately, I believe it will come down to a decision of the president about whether he wants to have exemptions or not", he told Sky News on Sunday after his discussion with United States commerce secretary Wilbur Ross.

The existing trade tax code taxes 169 types of steel products that are imported for manufacturing purposes on a daily basis.

The IMF warned that the tariffs would likely cause economic damage to the United States and its trading partners, and urged countries to resolve trade disputes without resorting to retaliatory measures.The countries likely to be hit hardest by the proposed tariffs would be Canada, Mexico, Brazil and South Korea, which together account for nearly half of U.S. steel imports.

Trump has long made the trade deficit and issue, with the implication it could be pared down with protectionist trade policies. "Other countries, including China, will take relevant retaliatory measures". But Trump has a frosty relationship with German Chancellor Angela Merkel, and these personal relationships can spill into policy decisions at the White House. Chinese officials have previously said they would take "necessary measures" to defend national interests.

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