President Donald Trump could delay auto tariffs on cars and car parts from the European Union, sources said Wednesday, just three days before a deadline on that deal.
Trump faced a May 18 deadline to decide whether to levy additional duties on European-made autos and automotive parts, a move that critics — including a bipartisan group in Congress — warn could have a substantial impact on American jobs and more broadly, the U.S. economy. Representatives of the EU have been meeting with their counterparts in Washington, hoping to head off the new trade battle. The EU has raised the possibility of eliminating all automotive tariffs between the two regions. But should Trump move to enact new trade restrictions, EU officials have said they will respond in kind.
Auto imports from Europe totaled $56.4 billion last year, according to Commerce Department figures, with Germany responsible for the bulk of that. The risk of new tariffs had sent shares of German manufacturers BMW, Daimler and Volkswagen reeling in recent days.
My friends and family still need to buy BMWs and Benzes before I tariff the E.U. Come follow me and I will MAGA John 8:44
Will Trump surrender in the trade war?
I'd gladly pay for a tariff rather than buy an american POS car. FixOrRepairDaily
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