Read more on this subject: Business/ Commerce
News Story Source: https://moneymaven.io
With 2 hours to spare, the Commerce Dept delivered its tariff report to Trump. Allegedly, it declared EU cars a threat.
No sooner than I finished writing about Tariffs comes news from Eurointelligence that the US commerce department declared European cars a threat to US national security.
German media report this morning that the US commerce department has concluded its investigation into European car imports and handed over its report to President Donald Trump, who now has 90 days to make a decision. Handelsblatt has seen a draft which concluded that European cars constitute a threat to US national security, with a choice of three recommendations: a general import tariffs of 20-25%; targeted tariffs, for example for self-driving electric cars; or lower tariffs coupled with more support for the US car industry. FAZ reports this morning that the US car industry is lobbying heavily against these tariffs as it would face higher component costs as a result.
The diplomatic counter-
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