Trump Reportedly Looking to Block German Carmakers from U.S

Trump Reportedly Looking to Block German Carmakers from U.S

The trade policy includes pushing taxes as much as 25 percent on vehicle imports impacting German automakers, something some worry could cause a domino effect.

Trump is expected to decide today whether to end an European Union exemption from tariffs on United States imports of steel and aluminium, a move Germany has warned could lead to a damaging trade war.

Of note, BMW, Mercedes-Benz and Volkswagen (parent company of Audi and Porsche) all maintain large vehicle manufacturing operations in the Southern U.S. Collectively they employ 36,500 and export approximately 430,000 vehicles annually according to a CBS News report.

Macron's workplace mentioned in a press release Friday that the 2 presidents spoke by cellphone after Trump's administration introduced the choice Thursday to impose 25 % tariffs on metal and 10 % tariffs on aluminum. And investors reacted by selling shares of big European automakers, with both BMW and Daimler dropping on May 24 more than 3 percent in European trading on the news.

Far more worrying for the German auto industry than the metals tariffs is Trump's threat that levies on vehicle imports to USA could be next.

Summit with N. Korea is back on for June 12
Kim Yong-chol is among the most senior officials in North Korea , a rank for which he was previously blacklisted by the US. But another aide later sent a more conciliatory note to Trump, who instructed his own staff to continue lower-level talks.

Volkswagen was not immediately available for comment when contacted by CNBC Thursday, while Daimler refused to issue a statement. And a sizable number of Congressional Republicans - who have, until now, generally declined to oppose Trump policies and positions - are raising the specter of trying to block any auto trade tariffs enacted under the Trade Expansion Act.

The phone call between the French president and his United States counterpart came after the USA announced the steep metals tariffs would be imposed on the European Union, Canada and Mexico as of midnight (0400 GMT Friday). A report from Germany's Wirtschaftswoche magazine cited several unnamed European and United States diplomats familiar with these alleged plans, according to Automotive News.

Germany has touted investments made by its companies in the United States, and their role as major job creators.

Luxury carmaker BMW stressed its commitment to free trade, saying "barrier-free access to markets" was crucial to global growth. The report didn't give any further details on what policies would be used to effectively ban the premium carmakers.

Several German automakers have plants in the United States, including Mercedes-Benz in Alabama and BMW in SC.

Related News:

  • Xiaomi Launched Mi Band For $26

    Xiaomi Launched Mi Band For $26

    Meanwhile the Mi 8 Explorer Edition is due to be launched later, although Xiaomi has so far not announced an exact release date. This phone is powered by 2.8GHz Octa-Core Snapdragon 845 processor with Adreno 630 GPU.
    Lions, tigers, jaguar and bear escape zoo in Germany

    Lions, tigers, jaguar and bear escape zoo in Germany

    Local residents near the zoo close to the Luxembourg border were warned to stay indoors while the predators were on the loose. This June 2016 image shows lion Malor (behind) and the mother Lira in their enclosure in the Eifel Zoo, eastern Germany.
    School shooting video game removed online after backlash from Parkland parents

    School shooting video game removed online after backlash from Parkland parents

    Set in a school building, Active Shooter demands you to terrorise kids, cops and civilians by attempting to kill them. In a statement , Valve accused the video game maker of being a troll who has been kicked off the Steam site before.
  • Replay overturn plays key role in Warriors' Game 1 win

    Replay overturn plays key role in Warriors' Game 1 win

    Some fans tried to point out that Smith's teammate Hill could've saved the game by making the free throw in the first place. It is the fourth year in a row that the Warriors have beaten the Cavaliers in the first game of the finals.
    'Assassinated' journalist Babchenko alive, Kiev says, accusing Russian Federation  of murder plot

    'Assassinated' journalist Babchenko alive, Kiev says, accusing Russian Federation of murder plot

    He apologized to his wife for putting her through a "nightmare", but said there was no other alternative to playing dead . However, it has now emerged that the Ukrainian security services faked Mr Babchenko's death . "I'm still alive", he said.
    Who will replace Zinedine Zidane as Real Madrid manager?

    Who will replace Zinedine Zidane as Real Madrid manager?

    The latter, according to the Daily Mail , is set to offer a new deal to Gareth Bale to thwart interest from Manchester United . After three years, it's the right decision.
  • Spanish PM Rajoy is booted out of office

    Spanish PM Rajoy is booted out of office

    Sanchez told reporters Friday that he was "aware of the responsibility and the complex political moment of our country". In Berlin, a government spokesman said Germany hoped for a stable government in Madrid.
    Landslide kills 2 in North Carolina

    Landslide kills 2 in North Carolina

    Forecasters say what's left of the first named storm of the Atlantic hurricane season is still capable of causing flash flooding. Cooper's office has said that water rescue teams from across the state are coming to the area to help if needed.
    How Enterprises Can Make GDPR a Global Data Privacy Standard

    How Enterprises Can Make GDPR a Global Data Privacy Standard

    This was followed by Accountability (41.2%), Consent (39.7%), Data Portability (39.7), and Right to Erasure (35.3%). For example, music streaming services like Spotify create playlists for users based on their music preferences.
  • Michael Cohen’s lawyers have until mid-June to review documents, judge says

    Michael Cohen’s lawyers have until mid-June to review documents, judge says

    After leaving the hearing, Avenatti offered an energetic condemnation of Cohen to the press assembled outside the courthouse. Ryan also said Avenatti had improperly acquired and released certain bank records related to Cohen's business dealings.
    Golden State's Iguodala to miss Game 5 against Rockets

    Golden State's Iguodala to miss Game 5 against Rockets

    The Rockets will take a 3-2 series lead back to Oakland, Calif., with a chance to close out the defending champions on Saturday. By then, Kerr said he was resigned to the fact that the referees wouldn't stop the play to award the Warriors a timeout.
    Kremlin calls staging of Russian journalist's death in Kiev odd

    Kremlin calls staging of Russian journalist's death in Kiev odd

    Once inside the morgue, Babchenko said he was "resurrected", taking off the blood-stained clothes. The Kremlin has always vehemently denied allegations regarding the deaths of journalists.


Most liked

Trump to Ban German Cars?
A source told the Associated Press that the president suggested seeking new tariffs of 20 to 25 percent on automobile imports. But plans to target German automakers could be costly and potentially harmful to the American economy, according to experts.

Roseanne Barr says she 'begged' ABC to save her show
But ABC said it was cancelling the show, condemning her "abhorrent, repugnant" tweet , which was "inconsistent with our values". In a second tweet apologizing to Jarrett, Barr wrote that her "whole life has been about fighting racism".

Teens Turning Their Backs on Facebook
Meanwhile, only 10 percent of teens said Facebook is their most-used online platform. The survey showed a split over the impact of social media on the lives of the teens.

West Indies thump World XI in Hurricane Relief T20
From 4-8 in just the fourth over there was no way back for the World XI , despite Thisara Perera's impressive half-century. West Indies defeated ICC World XI by 72 runs in the Hurricane Relief T20 fund-raiser at Lord's on Friday.

Trump tweets he wishes he didn't pick Sessions as AG
Trump has also denounced Mueller's investigation as a "witch hunt", and attacked the investigation in an effort to undermine it. Trump has publicly criticized the attorney general over his recusal, calling it a "terrible mistake for the country" in April.

Prosecutors Interview James Comey About Former FBI Official Andrew McCabe
Lee said that "based on what I know now, those are not words that I would use to describe this". The report shows the investigation in total cost almost $10 million between October and March.

Deutsche Bank on United States 'troubled' list
Deutsche Bank's new CEO has moved to reassure staff that the bank is in good shape after a tough 24 hours for the troubled German lender.

Kylie Minogue celebrates turning 50 with old Neighbours pals
Minogue landed two Billboard Hot 100 top 10 hits including her 1988 "Loco-Motion" and 2001's " Can't Get You Out of My Head ". The singer's new relationship comes one year after her split with British actor Joshua Sasse.

Roseanne Barr hints she may challenge cancellation of hit show
Robert Iger, chairman of ABC owner Disney, said in a tweet , "There was only one thing to do here, and that was the right thing". I don't know the financials of Caputo's company, but it would have to view " Roseanne " as a lost-leader.

Back again: Warriors, Cavs to open NBA Finals at usual site
Golden State coach Steve Kerr said he had seen such a reversal "not often, but I've seen it a couple times". For our team to come out and play their hearts out and compete the way we did, man, I mean, it's bad.

Syria: US-backed SDF challenges Assad military threats
Israeli Prime Minister Benjamin Netanyahu has said his government won't accept a permanent Iranian presence anywhere in Syria. Assad also stated that Trump's invention of an insulting nickname did not move him or Syria in the slightest.

Pompeii: New find shows man crushed trying to flee eruption
The stone is believed to have been a door jamb that had been "violently thrown by the volcanic cloud", officials said. In the 1800s and 1900s, they dug in the area where we found the skeleton, but they did not go as deep as we did.

China warn of trade war if USA 'flip-flops'
The statement came more than a week after Treasury Secretary Steven Mnuchin said that the trade war was being put "on hold ". Trump is also under pressure from Congress to stay tough on China, especially Chinese telecoms-equipment maker ZTE Corp.

Twitter memes dunk all over JR Smith's blunder in NBA Finals
So I stopped, and the game was over. "But as long as our fan base is happy, that's all that matters". But the rubber match was a mismatch, and the Warriors are expected to win just as easily this time.

Horse race bet with William Hill
How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.