Donald Trump ramps up ‘crippling’ tariff threats for EU cars

22 January 2020 - 17:58US President Donald Trump speaks as Steven Mnuchin, US treasury secretary, watches on day two of the World Economic Forum in Davos, Switzerland, January 22 2020. Picture: BLOOMBERG/SIMON DAWSONUS President Donald Trump, fresh from calling a trade truce with China, threatened to impose crippling tariffs on European vehicles unless the EU budges on a long-delayed deal.

“The EU is tougher to deal with than anybody. They’ve taken advantage of our country for many years,” Trump told Fox Business News on the sidelines of the WEF. “Ultimately, it will be very easy because if we can’t make a deal, we’ll have to put 25% tariffs on their cars.” Europe’s motor industry has remained outside a tit-for-tat tariffs round so far, but US treasury secretary Steven Mnuchin warned this would change if Europeans go through with the digital tax. “If people want to arbitrarily put taxes on our digital companies we will consider putting taxes arbitrarily on car companies,” Mnuchin told a panel in Davos.

“We plan to go ahead with our digital services tax in April,” said British finance minister Sajid Javid, emphasising that the legislation would “fall away” if there was an international solution. “It is a tax that is deliberately designed as a temporary tax. This year could be the year of change. There is no agreement yet but I think we should all focus on that and reach a deal this year.”

Source: Car News Wire (carnewswire.net)

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