German Chancellor Angela Merkel announced this week that her government would be open to reducing tariffs on American-made automobiles; hoping to ease tensions between the European Union and the United States over car imports.
According to Reuters, Merkel signaled Germany’s willingness to slash taxes on US manufactured automobiles rather than see new tariffs placed on German cars entering the United States; primarily Mercedez Benz, Volkswagen, and BMW.
“I would be ready to support negotiations on reducing tariffs, but we would not be able to do this only with the U.S.,” she said, adding that all deals will be “common European position and we are still working on it.”
President Trump slammed the EU’s tariffs on US exports in recent weeks, saying “We are finishing our study of Tariffs on cars from the E.U. in that they have long taken advantage of the U.S. in the form of Trade Barriers and Tariffs. In the end it will all even out – and it won’t take very long!”
….We are finishing our study of Tariffs on cars from the E.U. in that they have long taken advantage of the U.S. in the form of Trade Barriers and Tariffs. In the end it will all even out – and it won’t take very long!
— Donald J. Trump (@realDonaldTrump) June 26, 2018
AMERICA FIRST: Trump Announces STEEL IMPORT TARIFFS
President Trump unveiled stiff import tariffs on steel and aluminum Thursday, making good on his campaign promise to rebuild American industry in the face of cheap and unregulated foreign goods.
The President announced the new trade guidelines during a meeting with industry experts, many of whom told the President it was nearly impossible to compete with underpriced metals flowing into the country from Asia.
“What’s been allowed to go on for decades is disgraceful,” Trump told industry leaders. “And when it comes to a time when our country can’t make aluminum and steel, and somebody said it before and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. We need it. We need it even for defense.”
“We need great steel makers. Great aluminum makers for defense. So, we will probably see you some time next week. We will be signing it in. You have protection for the first time in a long while and you are going to regrow your industries. That’s all I’m asking. You have to regrow your industries,” added the President.
Watch the President’s comments above.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.