Trump, Europe and tariff
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The New York Times |
Both Mr. Habeck and Mr. Macron warned that the tariffs would hit growth and supply chains on both sides of the Atlantic and fan inflationary pressures in the United States.
NBC News |
President Donald Trump says he is pausing his tariffs scheme for 90 days on more than 75 trading partners who have not retaliated against the U.S.
Yahoo |
Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.
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European carmakers are trying to work out how much their prices might have to rise in response to looming U.S. import tariffs, industry sources said.
President Donald Trump announced a 90-day pause on all tariffs except for those against China, which he said would now rise to 125%.
The auto tariffs will be felt sharply in Europe, for whom the U.S. is the biggest export market for an industry that supports nearly 14 million jobs.
Anderson Economic Group says the impact of auto tariffs on U.S. consumers could be $30 billion in the full first year.
European Commission President Ursula von der Leyen held a call with metals industry representatives on Monday and was due to speak later to the automobile sector about how to respond to U.S. tariffs.
Automakers have been hit by market chaos caused by President Donald Trump's tariffs, sending shares in Japanese and European carmakers tumbling.
Leaders may first try to negotiate before imposing reciprocal tariffs, says Timothy Hellwig, an expert on European politics.
President Donald Trump's tariff announcements are wreaking havoc on the auto industry. Here's why car buyers should approach the market cautiously.