Daily Trends Now
Daily Trends Now


US Economy Could Lose $14B Over Auto Import Tariffs

The US leader had already threatened to impose tariffs on cars imported from the European Union, in response to the bloc's retaliatory tariffs last week on popular US products including jeans, bourbon and motorcycles.

Trump has singled out the Europeans as a problem as great to the U.S. on trade as China and laid out threats to fight the EU with a 20 percent duty on EU auto imports, a particular source of his scorn.

The threatened figure is enormous, dwarfing the levels of tariffs that have been lobbed at the U.S.in the early stages of what may turn out to be a fully-fledged trade war.

"They send a Mercedes in, we can't send our cars in".

The admonishment, written in a letter to US authorities dated Friday, came as US President Donald Trump said Europe is "possibly as bad as China" on trade in one of his biggest provocations to his country's longtime transatlantic allies. "They treat us very unfairly".

The EU responded to the steel and aluminum tariffs with "rebalancing measures" that hit around $3.25 billion worth of American-made products.




Canadian Prime Minister Justin Trudeau called the tariffs "insulting and unacceptable" and released a list of items that it would retaliate by counter-tariffing as much as 25 percent beginning July 1.

The company added: "It would be highly impractical to take parts for commercial vehicles created to safely transport the average US family in comfort and meet strict USA environmental and safety requirements and incorporate them in a military vehicle".

In the interview the president again complained about Canada's protected dairy industry, saying "that's not fair".

The company's popular Camry sedan in made in America, but still uses about 30 percent non-U.S. content.

Trump on Wednesday said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China. "The procurement of military vehicles, e.g. the Mine Resistant Ambush Protected (MRAPs), is limited to a small group of defense contractors producing highly specialized vehicles for military purposes at a cost that would be far beyond the means of the average middle-class USA household".

The Commerce Department launched its investigation, on grounds of national security, on May 23 under instruction from President Donald Trump, who has repeatedly criticised the European Union over its trade surplus with the United States and for having higher import duties on cars.

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