Trump threatens to impose heavy tariffs on European cars
- 6 years ago
The on-going trade spat between U.S. President Donald Trump and the European Union has spilled over to the automobile industry.
Trump has responded to Brussel's counter tariff threats against U.S. imports,... with plans to launch retaliatory measures on European cars.
Lee Seung-jae reports.
The back and forth of tariff threats between U.S. President Donald Trump and the European Union rumbles on... with Trump now threatening to impose heavy tariffs on all European cars.
His response comes as the EU threatened to slap hefty tariffs on American import goods,... such as Levi's jeans, Harley-Davidson motorcycles, and bourbon whiskey.
This is the latest indication that President Trump is standing by his decision to impose a 25-percent tariff on steel imports and a ten percent tariff on aluminum imports globally,... despite pressure from home and abroad.
The U.S. leader has long seized on what he believes to be unfair trade barriers,... citing that European cars can be seen everywhere on the streets of New York,... but few American cars are ever spotted on European expressways.
But stronger tariffs on European cars could hurt the U.S. as well.
BMW President Harald Krueger warned such tariffs would hurt jobs in the world's second-largest car market,... mentioning its plant located in South Carolina.
According to the Germany Automobile Industry Association,... German automakers exported some 500-thousand cars to the U.S. last year, but also increased production at their U.S. factories where they employ tens of thousands of people.
This comes as U.S. Treasury Secretary Steven Mnuchin said on Tuesday,... that Mexico and Canada won't be affected by the steel and aluminum tariffs if NAFTA renegotiations are "successful".
President Trump tweeted on Monday morning,... that the tariffs will not apply to their neighbors if NAFTA talks go well,... adding that Canada must treat U.S. farmers "better" and that Mexico must "do much more on stopping drugs from pouring into the U.S".
The world waits to see if President Trump does indeed go forward with his tariff proposal,... and how it will affect the global economy.
Lee Seung-jae, Arirang News.
Trump has responded to Brussel's counter tariff threats against U.S. imports,... with plans to launch retaliatory measures on European cars.
Lee Seung-jae reports.
The back and forth of tariff threats between U.S. President Donald Trump and the European Union rumbles on... with Trump now threatening to impose heavy tariffs on all European cars.
His response comes as the EU threatened to slap hefty tariffs on American import goods,... such as Levi's jeans, Harley-Davidson motorcycles, and bourbon whiskey.
This is the latest indication that President Trump is standing by his decision to impose a 25-percent tariff on steel imports and a ten percent tariff on aluminum imports globally,... despite pressure from home and abroad.
The U.S. leader has long seized on what he believes to be unfair trade barriers,... citing that European cars can be seen everywhere on the streets of New York,... but few American cars are ever spotted on European expressways.
But stronger tariffs on European cars could hurt the U.S. as well.
BMW President Harald Krueger warned such tariffs would hurt jobs in the world's second-largest car market,... mentioning its plant located in South Carolina.
According to the Germany Automobile Industry Association,... German automakers exported some 500-thousand cars to the U.S. last year, but also increased production at their U.S. factories where they employ tens of thousands of people.
This comes as U.S. Treasury Secretary Steven Mnuchin said on Tuesday,... that Mexico and Canada won't be affected by the steel and aluminum tariffs if NAFTA renegotiations are "successful".
President Trump tweeted on Monday morning,... that the tariffs will not apply to their neighbors if NAFTA talks go well,... adding that Canada must treat U.S. farmers "better" and that Mexico must "do much more on stopping drugs from pouring into the U.S".
The world waits to see if President Trump does indeed go forward with his tariff proposal,... and how it will affect the global economy.
Lee Seung-jae, Arirang News.