- Advisers to President Donald Trump are reportedly rushing to stop him from imposing 25% tariffs on about $US200 billion worth of US automobile imports.
- Trump is scheduled to meet with the European Commission’s president, Jean-Claude Juncker, on Wednesday to negotiate a solution to avoid more tariffs.
- The European Union’s trade commissioner has said that if those talks fail and Trump goes forward with the auto tariffs, then the EU will impose retaliatory measures on $US20 billion worth of US goods.
Advisers to President Donald Trump are rushing to stop him from going forward with a plan to impose massive 25% tariffs on about $US200 billion worth of US automobile imports, The Washington Post reported on Wednesday.
Despite strong objections from his economic advisers, key GOP leaders, and business executives, people familiar with the discussions told The Post, Trump wants to move full speed ahead with this new round of auto tariffs.
Even as the White House has moved to provide $US12 billion in emergency assistance to American farmers hurt in the cross fire of his administration’s trade battles, Trump has continued to criticise other countries over trade.
“Every time I see a weak politician asking to stop Trade talks or the use of Tariffs to counter unfair Tariffs, I wonder, what can they be thinking?” Trump wrote in a Wednesday-morning tweet. “Are we just going to continue and let our farmers and country get ripped off? Lost $US817 Billion on Trade last year. No weakness!”
So far, Trump’s administration has already enacted sweeping tariffs on US imports of steel, aluminium, washing machines, and solar-energy equipment while targeting China specifically with tariffs on an additional $US34 billion worth of goods.
Trump is scheduled to meet with the European Commission’s president, Jean-Claude Juncker, on Wednesday to try to negotiate a solution to the US’s trade battle with the European Union.
Juncker is expected to propose two solutions to Trump, a European official familiar with the plans told The Post. The first would reportedly be an across-the-board decrease in auto tariffs among all countries that export automobiles, and the second would be a deal between the US and the EU to eliminate tariffs on all industrial products.
If the talks fail to produce a compromise and Trump goes ahead with the auto tariffs, the situation is likely only to escalate further, as the EU’s trade commissioner, Cecilia Malmstrom, has been quoted as saying the EU is prepared to hit $US20 billion worth of US exports with retaliatory tariffs.
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