Trump teases a completed study on tariffs on European cars, highlighting a 20 percent increase on all imports.
According to Yahoo! Finance, president Trump said on Tuesday that his team was finishing up on a study about increasing tariffs on European cars and hinted at taking action soon. How did everyone find out about this? Let’s go to the tweets!
“We are finishing our study of Tariffs on cars from the E.U. in that they have long taken advantage of the U.S. in the form of Trade Barriers and Tariffs. In the end it will all even out – and it won’t take very long!” he tweeted.
Much Ado About Everything
This news comes on the heels from last Friday that highlighted Trump’s threats to impose a 20 percent tariff on all imports of European cars. This followed the administration’s launching of an investigation into whether auto imports posed a national security threat.
The tariff would possibly cause a backfire here in the States, according to Alliance of Automobile Manufacturers, which represents General Motors, Toyota, Volkswagen and other major automakers. The group said that a 25 percent tariff on imported passenger vehicles would cost American consumers roughly $45 billion annually. Tax cuts? Forget about them.
This past Saturday, a senior European Commission official said that the EU would slap its own tariff on cars made in the European bloc. The deadline for the U.S. Commerce Department to assess if imports on vehicles and auto parts pose a risk to the United States’ national security is set for February 2019, but Trump is touting results to be released this summer.