Published: Mon, March 12, 2018
Business | By Kate Woods

Trump threatens with tariffs on European cars as trade war looms

Trump threatens with tariffs on European cars as trade war looms

The 25-per-cent tariff on steel products, Korea's seventh-biggest export item to the U.S., also comes on top of anti-dumping and countervailing duties imposed on them.

The U.S. represents 15.7 per cent of United Kingdom vehicle exports and an increased U.S. auto import tariff would likely damage United Kingdom exports.

She argues that since European Union companies are not state subsidised or in overcapacity, they can't be considered a source of "unfair trade" with the US.

And reason number three: We know tariffs and taxes work to level the playing field so American workers can complete fairly in the global marketplace.

Trump has singled out Europe in the billowing trade row, threatening to tax German cars if the European Union doesn't lower barriers to U.S. products.

Asked on ABC's "This Week" whether Trump's national security adviser, H.R. McMaster, was among those caught off guard, Shah demurred.

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"I'm delivering on a promise I made during the campaign", Trump said.

"If he doesn't see that there's room to maneuver, he'll create some", said Bozell, president of For America, a conservative grassroots political group.

Those two countries were excluded due to "shared" commitments on national security and the reduction of excess production of steel worldwide, a provision aimed mainly at state-backed Chinese companies that Trump blames for having flooded the world with cheap steel.

The EU has warned that it could retaliate with tariffs on USA steel, agricultural and other products, such as peanut butter, cranberries and orange juice.

"We can't even sell our farming goods in there, they totally restrict us". "We are hoping we are not forced to use them", he said, but noted that "if the worst case scenario happens, we are ready to take the United States to the WTO [World Trade Organization] court".

German Chancellor Angela Merkel warned that "no one can win in such a race to the bottom" while French President Emmanuel Macron said Trump risked provoking a mutually destructive "trade war".

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It buys about 60 percent of its military assets from the United States, allows Marines to rotate through Darwin every year, and swaps intelligence with Washington.

Following the close of the seventh round of negotiations last week in Mexico, U.S. Trade Representative Robert Lighthizer said the U.S. wants to get a deal done in the next four to six weeks.

Conversely, the tariffs from 10 to 25 per cent are likely to depress worldwide prices by metal exporters to the United States looking for other markets to dump their product in.

Meanwhile, Seko, Lighthizer and EU Trade Commissioner Cecilia Malmstrom, who heads the body responsible for developing and carrying out the trade policies of the European Commission, the European Union's executive arm, also held a trilateral meeting in Brussels on Saturday.

Brussels has pushed back hard against Washington's shock measures, loudly announcing a list of U.S. products it could hit with countermeasures. He temporarily exempted big steel producers Canada and Mexico - provided they agree to renegotiate a North American trade deal to his satisfaction.

"I think this is counterproductive", Senator Ron Johnson, Republican of Wisconsin, said Sunday on CNN. If such a threat becomes a reality, no one can rule out the possibility of a trade war.

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"As as a country that will be exempt from those tariffs, we don't have a basis to bring a complaint".

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