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Thu, Nov 15, 2018 | Last Updated 4:45 pm IST

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Germany, world's largest car makers are affected hard by US import tariffs

Germany, world's largest car makers are affected hard by US import tariffs
Germany, world's largest car makers are affected hard by US import tariffs
http://apherald-nkywabj.stackpathdns.com/images/appleiconAPH72x72.png apherald.com

Berlin sources reported that German Chancellor Angela Merkel had warned the US of counter-measures if it imposed punitive tariffs on European cars, saying the move would only create "losers and cause retaliation". Merkel at a news conference said "We have regarding trade a very, very serious situation in the world and she wants to clearly state this".



 She added "We don't want these tariffs, we believe that we will damage each other, not only that we in the EU will be harmed but that these can have a far broader impact," further adding they would pose "a real danger for the prosperity of many in the world." Meanwhile Merkel's comments came days before European Commission President Jean-Claude Juncker is due to meet US President Donald Trump to discuss ways to prevent the punitive tariffs and these (talks) are our preferred course of action".

Germany, world

Presently the Trump administration is weighing import duties of 20% to 25% on European automotive products on national security grounds. Moreover the threat puts more than $50 billion worth of European imports at risk and has created panic in Europe's largest economy. Furthermore Trans-Atlantic duties on cars have been unchanged for decades and the US charges 2.5% on passenger car imports and 25% on pickup trucks and vans.

Germany, world

Germany, world's largest car makers are affected hard by US import tariffs
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