“Tax for European cars”… Trump’s trade war under process
Kim Yang Hyuk | mj@ | 2018-03-05 11:09:17
US President Donald Trump has picked up tax cards for European cars this time.
The European Union has responded to the Trump Administration`s "tariff bomb" policy on imports of steel and aluminum, and is responding to tariffs on US products by addressing tax imposed on cars produced in EU member states. . The United States is facing a war with the EU after the war in China.
"If the EU is already trying to raise the enormous tariffs and barriers to American businesses there, we will not be able to do anything about their cars that are pouring into the United States," Trump has told a Twitter post on Thursday (March 3) they will apply the tax, "he added."They are making it impossible for American cars to be sold there," he insisted, "a big trade imbalance."
The US imposes tariffs on imported cars, including the EU, at 2.5%, and 25% for pickup trucks and commercial vans.
President Trump`s attack on the European automotive industry is a direct threat to Germany, according to the Washington Post.
Trump has criticized the German automaker`s plans to build a factory in Mexico before his inauguration, warning that the United States would impose a 35% tariff on imported German cars.
Meanwhile, according to a report from the Massachusetts Institute of Technology (MIT), quoted by the WP, Germany`s exports of cars to the United States by 2016 amounted to USD 23 billion (about KRW 24.9 trillion). At the same time, the German automotive industry, such as Volkswagen, Daimler, and BMW, produces vehicles in factories in the United States. One of South Carolina`s largest employers, BMW employs more than 9,000 people locally.
President Trump said on Twitter: "The United States has been making USD 800 billion (about KRW 866.4 trillion) worth of trade deficits annually because of very stupid trade agreements and policies," he said. I`m taking it to other countries." They are laughing at seeing how foolish our leaders are, no more." They reaffirmed their intention to abolish the war after the previous day.
"The EU is cruel to us," Trump has told Reuters in a televised fundraising event on the day. "They blamed Europe for trade," he said. "EU will respond to the US tariff policy in order to protect the European industry and the global trade system," EU Trade Commissioner Margrethe Vestasger said in a lecture at Harvard University on Thursday night. He pointed out President Trump`s actions as a "one-sided protectionist measure that undermines not just jobs but all the principles that govern the world economy," according to Reuters. Trump will officially sign an executive order this week to impose a 25 % tariff on imported steel and a 10 % tariff on imported aluminum.
By Kim Yang Hyuk mj@
[ copyright ⓒ The Digitaltimes ]
The European Union has responded to the Trump Administration`s "tariff bomb" policy on imports of steel and aluminum, and is responding to tariffs on US products by addressing tax imposed on cars produced in EU member states. . The United States is facing a war with the EU after the war in China.
"If the EU is already trying to raise the enormous tariffs and barriers to American businesses there, we will not be able to do anything about their cars that are pouring into the United States," Trump has told a Twitter post on Thursday (March 3) they will apply the tax, "he added."They are making it impossible for American cars to be sold there," he insisted, "a big trade imbalance."
The US imposes tariffs on imported cars, including the EU, at 2.5%, and 25% for pickup trucks and commercial vans.
President Trump`s attack on the European automotive industry is a direct threat to Germany, according to the Washington Post.
Trump has criticized the German automaker`s plans to build a factory in Mexico before his inauguration, warning that the United States would impose a 35% tariff on imported German cars.
Meanwhile, according to a report from the Massachusetts Institute of Technology (MIT), quoted by the WP, Germany`s exports of cars to the United States by 2016 amounted to USD 23 billion (about KRW 24.9 trillion). At the same time, the German automotive industry, such as Volkswagen, Daimler, and BMW, produces vehicles in factories in the United States. One of South Carolina`s largest employers, BMW employs more than 9,000 people locally.
President Trump said on Twitter: "The United States has been making USD 800 billion (about KRW 866.4 trillion) worth of trade deficits annually because of very stupid trade agreements and policies," he said. I`m taking it to other countries." They are laughing at seeing how foolish our leaders are, no more." They reaffirmed their intention to abolish the war after the previous day.
"The EU is cruel to us," Trump has told Reuters in a televised fundraising event on the day. "They blamed Europe for trade," he said. "EU will respond to the US tariff policy in order to protect the European industry and the global trade system," EU Trade Commissioner Margrethe Vestasger said in a lecture at Harvard University on Thursday night. He pointed out President Trump`s actions as a "one-sided protectionist measure that undermines not just jobs but all the principles that govern the world economy," according to Reuters. Trump will officially sign an executive order this week to impose a 25 % tariff on imported steel and a 10 % tariff on imported aluminum.
By Kim Yang Hyuk mj@