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23 June 2018, 12:28 | Cedric Leonard
Image The EU says the US left it with no other choice but to impose retaliatory tariffs
Donald Trump has threatened to levy import tariffs of 20% on European cars.
US President Donald Trump has renewed his threat to European vehicle manufacturers importing cars into America, threatening 20% import tax on cars entering the US from the EU. However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the European Union means that we are left with no other choice. Let us know in the comments.
The EU imposes a 10 percent tariff on imported US cars.
The president told the European carmakers to "Build them here!" - but many European carmakers build a large percentage of their vehicles in the U.S. already, according to the EU.
German automakers Mercedes, BMW, and Volkswagen all have plants in southern states and directly employ more than 20,000 USA workers between them, primarily at those factories.
The U.S. Commerce Department is investigating whether imports of automobiles and auto parts pose a risk to national security. The deadline for completing the investigation is February, 2019, but USA commerce secretary Wilbur Ross said on Thursday that the department aims to wrap up the probe much earlier, by late July or August.
In a retaliatory move, China responded with a 25% tariff on U.S. imports including Bourbon, which will come into play on 6 July.
Leaders in China and South Korea have already said they will monitor the situation closely and react accordingly to protect the interests of brands in their countries.
The move against China could raise prices for American consumers and businesses and hit global supply chains for industries like carmakers and electronics.[ nL4N1TO1AX] Chinese reprisals have hit American farmers already.
The Alliance of Automobile Manufacturers, representing major US and European automakers, said "tariffs raise vehicle prices ... limit consumer choice and invite retaliatory action by our trading partners".
There is evidence suggesting that, for decades, imports from overseas have eroded our domestic auto industry.
By contrast, BMW only imported 202,000 cars to the United States from its German plants. He told automakers at a White House meeting in May that he was planning tariffs on some imported vehicles.
The US Commerce Department is investigating whether there should be tariffs on all imported cars and vehicle parts.
Cecilia Malmstrom, the EU's trade commissioner, acknowledged that the European Union had targeted some iconic American imports for tariffs, such as Harley-Davidson motorcycles and bourbon, to "make noise" and put pressure on USA leaders.
Felipe Munoz, global analyst at JATO Dynamics, said: "While German-made cars accounted for 4% of Q1-18 United States sales, American-made cars made only 1.3% of German registrations in the first quarter".
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