Trump threatens 20% tariff on all car imports through the EU

President Donald Trump tweeted another tariff threat Friday, This specific time targeting imported autos through the European Union.

The president said on his feed that will if the EU does not remove duties on U.S. cars, then the U.S. will have no choice yet to act.

The threat comes just two days after Commerce Secretary Wilbur Ross said no decision had been made on whether the U.S. would likely extend the volley of tariffs This specific has imposed on different goods to the automobile industry.

Trump’s tweet rippled through the financial markets, sending shares of BMW, Volkswagen, Fiat Chrysler as well as Mercedes-maker Daimler all lower. Ford as well as General Motors shares also slipped following the news.

The 20 percent tariff actually would likely be a bit smaller than the 25 percent levy Trump had previously threatened. The president has railed against unfair tariffs slapped on U.S. goods in different countries as well as has vowed to reduce the trade deficit the country has with different nations, particularly China.

As part of tariffs anticipated to go online July 6, the administration has put a 25 percent tariff on Chinese goods including autos. China in turn has promised dollar-for-dollar retaliatory tariffs.

The auto tariffs are part of a broader strategy the White House has in which This specific has deemed duties on U.S. exports to be a threat to national security. Trump has directed the U.S. trade representative to find another $0 billion worth of Chinese imports for tariffs of 10 percent.

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