European Union says it will start to impose tariffs on United States on Friday

Report Germany’s Automakers Throw Up White Flag on Trade Offer to Scrap 10% Tariff			Jesco Denzel  German Federal Government via AP		20 Jun 2018

"If these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US Build them here!" Trump has often complained about the 10 percent tariff the European Union imposes on imports of US cars.

The spat comes amid a wider push by President Trump's administration to hit other countries with tariffs that would reduce the USA trade deficit.

More than $3 billion worth of USA goods - from bourbon and corn to Harley Davidson motorcycles - are now under a 25 percent tariff in the European Union, in retaliation for the Trump administration's tariffs that hit the EU, Mexico and Canada earlier this month.

He pledged to impose tariffs on imports from countries that Mr Trump said had exploited the US. That amounts to almost 2 percent of the workforce for America's auto and auto parts industries. The EU does not rely on the U.S.as a market for its steel exports as much as Canada or Mexico, which are also being hit by the USA tariffs and stand to lose more.

But it could get worse.

But it was not known for which products manufacturers from the five countries have won the exemptions. But, he said, the move could hurt India's economic growth as the country diversifies its exports, as well as prompt India "to re-look at US relations as undependable".

Trump has repeatedly singled out German automotive imports to the United States for criticism. Jobs tied to dealer networks provide more than 350,000 jobs.

Although a large portion of the US's most popular auto models, including those from foreign brands (such as the upcoming BMW X7), are already manufactured within its borders, many are imported from other countries.

Autos stocks fell on the news.

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Juncker said on Thursday that the United States decision to impose tariffs "goes against all logic and history".

How much? Roughly 10 percent more for a new vehicle, estimates show.

But the European Union tariffs also come in addition to a historic decline in transatlantic relations, especially in the aftermath of the Group of Seven summit in Quebec earlier this month, when Trump withdrew the United States from a multilateral communiqué at the last minute. It's reported that Trump said the tax would be upheld until Fifth Avenue was devoid of Mercedes models. A 25 percent tariff means that vehicle costs about $5,800 more. "It is a significant financial commitment for most families, often paid for with debt, and I'm shocked that anyone would consider making it more expensive". In fact, the president responded to the E.U.'s duties Friday morning by threatening to impose a 20 percent tariff on all foreign-made cars. Germany is the largest European manufacturer of automobiles, though Germany companies have a huge presence in the United States, with large factories in SC and Tennessee.

Trump threatened additional taxes on European cars if the EU chose to retaliate.

That might be a relief to Swedish carmaker Volvo, which opened a factory in SC this month.

"If you have trade barriers and restrictions, we can not create as many jobs as we are planning to", Volvo Cars CEO Hakan Samuelsson told Reuters at an event celebrating the new facility.

In trade wars, there tend to many casualties and few winners.

Sales to the US fell 10 percent to 494,000 vehicles, while Germany automakers produced 804,000 vehicles in the United States past year. But if both exports and sales of U.S. companies inside China are measured, the USA has a surplus of US$20 billion with China, according to Deutsche Bank AG. Canada was next at 22 percent, followed by Japan (21 percent), Germany (11 percent) and South Korea (8 percent).

Customs agents across the European Union internal market of 500 million people will impose the duty, hiking prices on US-made products in supermarkets and across factory floors. Which means even if we are not exporting to the U.S. directly, we may as well be exporting indirectly by sending our primary products which are commodities and raw materials indirectly to the to the United States through Europe, India or China.

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