Donald Trump threatens 20% tariff on EU cars, targeting Germany
Automotive stocks fell on the news with Ford Motor and General Motors shares off 0.5% and 0.3%, respectively
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.