EU's 25% Bourbon tariff comes into force

24 June, 2018, 11:01 | Author: Martin Tyler
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US President Donald Trump today threatened to slap a 20 per cent duty on all cars imported from Europe unless the European Union removed its trade barriers and tariffs on dozens of American products which took effect.

Trump's comments, Bloomberg noted, come days after the EU triggered tariffs on $3.3 billion of American products, in retaliation to USA duties on European steel and aluminum exports. Trump further said that if China increases its tariffs again, the US will pursue "additional tariffs on another $200 billion of goods".

The European Union says it will continue a tit-for-tat escalation in its trade dispute with the USA while countering President Donald Trump's assertion that the U.S.is being treated unfairly by the 28-nation bloc.

Right now, Europe tacks on a 10 percent tariff on cars from the USA, while the US imposes a 2.5 percent tariff on European-made cars and 25 percent on light trucks.

"While average trade-weighted USA -imposed tariffs on its imports are lower than those imposed by the EU, Canada, Mexico and China, the difference is marginal", he noted.

The European Autos Stocks Index fell sharply after Mr. Trump's tweet and closed down 0.5%. Shares U.S. carmakers Ford Motor Co and General Motors Co also dropped.

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In the end, we believe that the current tensions will eventually subside as the USA midterm elections in November approach.

The auto tariffs are a part of a broader agenda by the White House.

Last month, Evercore ISI said in a research note that a 25 percent import tariff on auto imports "would pretty much destroy the business of importing cars from Europe/China" to America.

The EU reacted to the decision of US President Donald Trump to impose duties on steel and aluminum from Europe, Canada and Mexico.

India confirmed this week it would impose retaliatory tariffs on a range of American goods, including apples, walnuts and some chemical and metal products, from August 4.

In the US, Trump has launched an investigation into whether vehicle and automotive parts imports are hindering the sector's ability to compete globally. Germany is the largest European manufacturer of automobiles, though German companies have a huge presence in the United States, with large factories in SC and Tennessee.

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The Trump administration initially exempted Argentina, Australia, Brazil, Canada, the European Union, Mexico and South Korea from the import duties, but drew criticism for imposing the tariffs on Canada, the European Union and Mexico on June 1. USA auto executives said privately they have spent months looking at the potential impacts to sales of new tariffs, and they view the presidential tweet as a sign significant new tariffs appear likely.

While the US President has been extremely hawkish on trade issues of late (who could forget his comment that "trade wars are good and easy to win"?), placing heavy tariffs on multi-trillion-dollar global automobile industry would represent a major escalation in the budding trade war. "But we expect more requests by end-users in the U.S., for products imported from Japan, will be accepted", a Tokyo-based steel trader said Thursday.

The 20 percent tariff on cars is lower than the 25 percent the president threatened to levy previously. Trump has slammed U.S. automakers for manufacturing vehicles overseas.

"For most American families, their vehicle is the second biggest purchase they make", Hatch told Ross.

"Changes in trade policy could cause us to have to question the outlook, the chairman of the US Federal Reserve Jerome Powell said during a panel discussion". Therefore, I don't want cars made oversees.

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