President Donald Trump escalated the potential for a trade war between the U.S. and Europe on Friday by threatening 20 percent tariffs on auto imports from the European Union in response to retaliatory tariffs on $3.3 billion worth of American products
President Trump threatened to escalate a trade war with Europe by imposing a 20 percent tariff on all U.S. imports of European Union-assembled cars, a month after the administration launched an investigation into whether auto imports pose a national security threat.
Canadian Prime Minister Justin Trudeau said Wednesday he doubted whether U.S. President Donald Trump would carry out a threat to impose tariffs on light vehicles, given the economic damage such a move would cause.
Trade tensions between the world's two biggest economies intensified, with China vowing to retaliate "forcefully" against President Donald Trump's threatened tariffs on another $200 billion in Chinese imports.
President Trump pushed ahead with hefty tariffs on $50 billion of Chinese imports, including cars and auto parts, and a smoldering trade war between the world's largest economies ignited as Beijing replied with tariffs on 659 American imports, including light vehicles.
German Chancellor Angela Merkel hinted at a new front in the trade row with the U.S., warning that Europe's strategic interests rode on the future of the region's car industry and alluding to competition probes of U.S. internet giants.
President Trump announced hefty tariffs on $50 billion of Chinese imports as Beijing threatened to respond in kind, in a move that looks set to ignite a trade war between the world's two largest economies.
Chancellor Angela Merkel's government vowed to stand up for the German auto industry, sending a veiled signal to U.S. President Donald Trump to back off threats to levy tariffs on imported cars and auto parts.