US President, Donald Trump, told French President Emmanuel Macron he will ban Germany's luxury car from entering US market. German magazine Wirtschaftswoche reported Donald Trump's plan on Thursday, May 31, 2018, as reported by Reuters.
Some unnamed source of European and American diplomats, the magazine reported that Donald Trump told Macron in April, Donald Trump would stick to its trade policy with the aim of preventing cars like Mercedes-Benz from passing the streets of Fifth Avenue in New York.
Earlier this month, Trump administration opened a trade investigation into whether imported vehicles had damaged US auto industry. Donald Trump also imposed a car tax entrance rate of up to 25 percent on grounds of national resilience, the same reasons used for US steel and aluminum tariffs in March.
Donald Trump has imposed a large import tariff for steel and aluminum under Section 232 of the 1962 US Trade Expansion Act, which enables protection of national resilience.
Trump Administration has already announced it is considering applying an import car tax under the legal provisions known as Section 232. Donald Trump is currently considering tariffs up to 25 percent.
The plan is opposed from a number of groups, mainly from foreign trading partners to domestic imported car dealers. The protectionism will be run by Trump will destroy the business interest of German carmakers in US market, and cause a 4.5 billion euro burden for the German luxury car manufacturer, as data analyst reports on Evercore ISI.
Post a Comment