Trump On EU Auto Tariffs, I Just Want Fairness For Americans
Hey, you listen to Biden's briefing every day. I had relevant stories and topics news to share with you and now onto the bravery. Trump tariff threat on European cars, escalates global trade war by Jenny Leonard, and Richard Bravo for Bloomberg news with assistance by Ben sills, Alex Wayne and Ryan bean President, Donald Trump, threatened a twenty percent tariff on cars, imported from the European Union. Unless the block removes import duties and other barriers to US goods escalating global trade war. The EU warned could endanger three hundred billion dollars in commerce based on the tariffs and trade barriers, long placed on the US and it's great companies and workers by the European Union. If these tariffs and barriers are not soon broken down and removed, we will be placing a twenty percent tariff on all of their cars coming into the US build them here Trump said in a tweet on Friday, the EU plan to retaliate according to a European Commission memo obtained by Bloomberg and introduction of. US tariffs would be met with the equivalent penalties imposed by affected trading partners. It said shares of Volkswagen AG dime. L'oeil AG and BMW AG fell in Frankfurt and US auto companies, erased earlier gains in New York trading Trump's tweet came hours after the EU impose tariffs on about three point, three billion dollars of American products in response to his barriers to imported aluminum, steel, the European tariffs target politically resonant products, including twenty five percent duties on Harley, Davidson, motorcycles, Levi Strauss, and company, jeans and bourbon. The EU measures cover a total of around two hundred categories also including various types of corn, rice, orange juice, cigarettes, cigars t-shirts, cosmetics boats, and steel trade war. Trump's latest salvo against the European auto. Oh industry threatens to broaden a trade war that he's already sparked with China. The US has pledged to impose twenty five percent tariffs on thirty four billion dollars in Chinese goods on July sixth and China vowed to retaliate. In the same amount of US imports, the US may justify the auto tariffs on the grounds of national defense just as it did in March when imposing duties on global imports of steel and aluminum Trump initially exempted the EU from the metal tariffs, but let the temporary reprieve expire after negotiations with the Europeans fell apart America's ambassador to Germany. Rick Grenell is in Washington this week seeking deal on auto levies. He spoke to White House trade advisor, Peter Navarro, commerce, secretary. Wilbur Ross US Trade Representative, Robert lighthizer, and Treasury Secretary, Steven Mnuchin about reducing existing tariffs on cars shipped between the US. In Europe, two zero, their support in the administration and from German carmakers for such an idea. But no agreement has been reached yet. Rarely used the Commerce Department in may started investigating whether imports of cars and light trucks hurt America's ability to defend itself by a rotating, the country's auto industry. If the findings show a threat to the US a nineteen sixties era. Trade law gives the president of thority to impose import restrictions without congressional approval. Many lawmakers have been critical of Trump's use of the trade law which was rarely applied before he took office Ross during a Senate hearing on Wednesday faced heated questions from GOP lawmakers who argued there was no merit to claiming auto imports threaten the country's defence capabilities Bill Reinsch, senior adviser at the center for strategic and international studies in Washington and former. Commerce official said the president's tweet may undermine his government's argument for auto tariffs, having ordered an investigation into whether auto imports are a national security threat. He has now undercut that by reaching his conclusion before the investigation has barely begun. Reinsch said it's a classic case of ready fire aim, and it will only lead to litigation in the US and a loss at the WTO. When we are inevitably taken, they're buying European the Washington trade association for BMW dime, learn and Volkswagen's operations. In the US warned consumers will be harmed by higher tariffs, consumers fare best when tariffs are low Gloria Burke west spokeswoman for the alliance of automobile manufacturers said in a statement, the group also represents General Motors company and Fiat Chrysler automobiles and v Trump's tariff rhetoric further undermines US auto market alr-. Ready in its second year of decline. After record sales in twenty sixteen said Cody Lusk president of the American international Automobile Dealers Association. He pointed to dime Lewis decision on Thursday to pare its profit outlook as an early example, you're already going to see prices going up incrementally as a result of the steel and aluminum tariffs in the auto sector said Lusk, whose group represents foreign branded auto dealers in the US. All of that combined with increasing interest rates is a recipe for disaster. Thanks for listening subscribed to the briefing share with a friend so we can build a bigger more inclusive conversation.