European Union imposes tariffs on U.S. peanuts, motorcycles, and whiskey

European Union imposes tariffs on U.S. peanuts, motorcycles, and whiskey

European Union imposes tariffs on U.S. peanuts, motorcycles, and whiskey

Lindland says American-made luxury cars probably won't benefit from tariffs on their European counterparts.

Beijing has vowed to immediately retaliate with its own tariffs on USA soybeans and other farm products in a direct shot at President Donald Trump's supporters in America's heartland.

Daniel Gros, director for Economy and Finance at the Center for European Policy Studies, said that in a trade war everyone stands to lose, but the US has put itself in a worse position.

Trump imposed tariffs of 25 percent on European Union steel and 10 percent on aluminum on June 1.

On March 1, Trump announced that the USA would be imposing a global tariff on all steel and aluminum imports into the US, citing national security concerns. The deadline for completing the investigation is February, 2019, but United States commerce secretary Wilbur Ross said on Thursday that the department aims to wrap up the probe much earlier, by late July or August. Trump had previously described China's unusually high import tariff as "stupid trade" and threatened to raise tariffs on EU-imported cars. Beijing has vowed to immediately retaliate with its own tariffs on US soybeans and other farm products.

Although China is the world's largest new auto market, with 23.9 million vehicles sold there past year, the U.S. remains a core focus for most global brands.

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At a hearing this week, Senator Orrin Hatch, a Republican from Utah, said he was "stunned" that the Trump administration was investigating the national security risk of vehicle imports, which is estimated to affect about $200bn worth of imports. German carmakers - including BMW and Daimler made some 854,000 vehicles in the United States in 2016. "Automakers support reducing trade barriers across the board and achieving fairness through facilitating rather than inhibiting trade".

Sales to the USA fell 10 percent to 494,000 vehicles, while Germany automakers produced 804,000 vehicles in the United States past year.

Trump has repeatedly singled out German automotive imports to the United States for criticism. He told automakers at a White House meeting in May that he was planning tariffs on some imported vehicles.

The threat came two days after Commerce Secretary Wilbur Ross said no decision had been made on whether the U.S. would extend the steel and aluminum tariffs to carmakers.

Felipe Munoz, global analyst at JATO Dynamics, said: "While German-made cars accounted for 4% of Q1-18 U.S. sales, American-made cars made only 1.3% of German registrations in the first quarter".

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