The European Union threatened retaliatory tariffs on $294 billion of U.S. exports if the U.S. imposes tariffs on cars and car parts from the EU, Reuters reported.
The EU sent a submission to the U.S. Commerce Department on Friday claiming tariffs on EU automobiles could increase costs for manufacturers in the U.S.
The submission comes as the Commerce Department investigates automobile imports to the U.S.
The EU submission also reports a 25 percent tariff could have a $13–14 billion negative impact on U.S. gross domestic product, Reuters reported.
According to the report, the EU exported $43.6 billion worth of cars to the U.S. last year, while approximately $7.2 billion worth of cars went from the U.S. to the European bloc.
Trump has slapped billions of dollars’ worth of tariffs on a number of countries in recent weeks, including tariffs on steel and aluminum from the EU. – READ MORE
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