01 May US threatens to raise tariffs on EU autos to 25%
(Oilandgaspress) U.S. President Donald Trump said on Friday he would increase tariffs on cars and trucks from the European Union to 25%, saying the bloc had not complied with its trade deal with Washington.
“Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States,” he wrote in a social media post. “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.”
Trump told reporters at the White House the higher tariff would force European car makers to move their factory production to the U.S. more quickly.
“We have a trade deal with the European Union. They were not adhering to it. So I raised the tariffs on cars and trucks to 25%, that’s billions of dollars coming into the United States, and it forces them to move their factory production much faster.” Related News
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