Economy

Trump threatens tariffs on cars, trucks, autos from EU, Europe

Trump threatens tariffs on cars, trucks, autos from EU, Europe

US President Donald Trump threatened a 20 percent tariff on cars imported from the European Union unless the bloc removes import duties and other barriers to US goods, escalating a global trade war that the European Union has warned could endanger US$300 billion in commerce.

The new European tariffs, which took effect at midnight, are a response to Trump's decision to impose 25 per cent tariffs on steel and 10 per cent duties on aluminum from many countries around the world, including some of Washington's allies. He said the move would be in retaliation for China's decision to raise tariffs on $50 billion in US goods.

President Donald Trump today threatened to hit imports of European automobiles with a 20 percent tariff if Brussels doesn't remove tariffs and other trade barriers.

Last month Trump instructed his Commerce Department to begin a national security investigation that would provide the legal underpinning for new tariffs on cars.

It's unclear whether Trump was actually referring to the new set of tariffs or to the pre-existing 10 percent tariffs the European Union imposes on US auto products.

Supreme Court rules states can force online retailers to collect sales tax
In a concurring opinion, Justice Clarence Thomas said that after ruling for the retailer in 1992, he had changed his mind. Governor Eric Holcomb said he wants to take a look at what the ruling will mean for IN , and the taxes collected here.

Shares of Volkswagen, Daimler and BMW fell in Frankfurt, and U.S. auto companies erased earlier gains in NY trading. Industry data shows German automakers build more vehicles in southern U.S. states that voted for Trump than they ship to the United States from Germany. Daimler, the maker of Mercedes-Benz cars and a frequent target of Trump's tweets, lost 1.4 percent to 57.04 euros. Beijing has vowed to immediately retaliate with its own tariffs on USA soybeans and other farm products in a direct shot at Mr. Trump's supporters in America's heartland.

Commerce Secretary Wilbur Ross, whose department is overseeing the investigation, told a Senate committee meeting this week that no decision had been made as yet as to whether to recommend tariffs, He indicated that the probe was expected to be completed by early August. -China trade war tariffs would hurt earnings.

Last month, Evercore ISI said in a research note that a 25% tariff on auto imports "would pretty much destroy the business of importing cars from Europe/China".

"By linking the threatened imposition of USA tariffs to European Union tariffs imposed on US autos, the President has both short-circuited the 232 process and conclusively undercut the stated national security rationale of that investigation", said Daniel Price, a former senior economic adviser to President George W. Bush.

Trump has repeatedly singled out German auto imports to the United States for criticism. Germany is the largest European manufacturer of automobiles, though Germany companies have a huge presence in the United States, with large factories in SC and Tennessee. USA auto executives said privately they have spent months looking at the potential impacts to sales of new tariffs, and they view the presidential tweet as a sign significant new tariffs appear likely.

People of different nationalities join mats on International Yoga Day
The Prime Minister had arrived here on Wednesday night to participate in the main event on the fourth International Yoga Day . ITBP is a specially trained unit that guards India's eastern border, most of which is fall under Himalayan mountain range.

Lindland says American-made luxury cars probably won't benefit from tariffs on their European counterparts.

Brussels imposed the raft of duties on USA products worth €2.8 billion ($3.3 billion) in a tit-for-tat response to Trump's decision to slap stiff tariffs on European steel and aluminium exports.

Felipe Munoz, global analyst at JATO Dynamics, said: "While German-made cars accounted for 4% of Q1-18 U.S. sales, American-made cars made only 1.3% of German registrations in the first quarter".

As painful as the brewing trade war could prove, many have seen it coming.

US President Donald Trump has become fixated on automotive trade, viewing it as a major irritant between the US and its trading partners in Asia and Europe. Last year, £171 billion worth of cars were exported from the European Union, with the U.S. accounting for 25% of them.

Prince Louis christening: Kate Middleton confirms christening date for royal baby
During her time Kate has been reportedly looking after Prince Louis with the help of their family nanny, Maria Borrallo. The Chapel Royal is the same venue used for Prince George's christening on 23 October 2013.

In 2017, Mexico accounted for the largest share of exports of new passenger vehicles into the USA, at 24 percent.


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