Washington — US President Donald Trump has threatened to impose a 20% tariff on all EU-assembled cars coming into the US, a month after the administration launched an investigation into whether automotive imports pose a national security threat. "If these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US Build them here!" Trump wrote on Twitter on Friday. Automotive stocks fell on the news. The European Autos Stocks Index fell sharply after Trump’s 20% tariff tweet and was last down 1.25%. Ford Motor shares went into the red and were down 0.5%, while General Motors shares were off 0.3%. The US commerce department is investigating whether imports of automobiles and automotive parts pose a risk to national security. The deadline for completing the investigation is February, 2019, but US commerce secretary Wilbur Ross said on Thursday that the department aims to wrap up the probe much earlier, by late July...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now