EU threatens to retaliate US auto tariffs
Trump trade war: auto, car tariff, EU concern, negotiation tactic
- President Donald Trump is once again zeroing in on possible auto tariffs, which would be a massive escalation of his trade battles.
- According to a Bloomberg report, the White House is passing around a report on possible auto tariffs, and Trump is meeting with trade advisers about the idea on Tuesday.
- Placing tariffs on imported cars and trucks would cause substantial economic disruption.
President Donald Trump seems to be once again focused on imposing tariffs on imported cars and trucks, according to new reports, a move that would substantially escalate the president's trade war.
According to a report from Bloomberg, the White House is internally circulating a draft report from the Commerce Department on auto tariffs. Trump plans to meet with his trade team on Tuesday to discuss the report. Releasing a Commerce Department report on auto tariffs would be the next formal step toward imposing such restrictions.
Trump has previously threatened to impose a 25% tariff on all autos and auto parts coming into the US to extract concessions from trading partners including the European Union and Canada. The Commerce Department has launched a formal investigation into possible auto tariffs under Section 232 of the 1962 Trade Expansion Act, which allows the president to unilaterally impose tariffs on any good as long as there is a national security justification.
Video: Trading Threats: EU will respond to any US tariffs on European cars
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