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EU Trade Commissioner Cecilia Malmstrom said the bloc is preparing a list of US products that could be overtaxed if the US imposes tariffs on European cars. However, Cecilia hopes that an EU mission, which will visit Washington on July 25 with European Commission President Jean-Claude Juncker, will facilitate transatlantic trade disputes.
The purpose of the trip, according to Commissioner Donald Trump
On June 1, the surtax imposed by the US government on steel imports from the EU, Mexico and Canada entered in force, some of the main allies of the Americans. On Wednesday, in turn, the EU announced provisional safeguard measures on steel imports to prevent the release of other countries to enter the EU market because of US tariffs.
The Trump government threatens to extend the same tariffs imposed on aluminum and steel for European bloc cars and auto parts.
Cecilia said that the US auto industry is in good health and that no one in the sector has asked for the rates. "We are also preparing with our member states a list of rebalancing measures," said Cecilia at a conference organized by the German Marshall Fund of the United States in Brussels
. The Trump administration is the subject of widespread criticism from automakers and foreign governments for considering tariffs of up to 25% on imported cars and parts, fearing that the measure will increase vehicle prices and negatively affect sales
The government opened an investigation in May on whether imported cars and parts represented a safety risk American national and held a hearing yesterday on the investigation, gathering testimony from commercial groups of the auto industry, foreign governments and others
US Secretary of Commerce, Wilbur Ross, said to the 39 hearing that it was "too early" to say whether Trump would impose tariffs. He stated that the purpose of the hearing was to determine "whether government action is necessary to ensure the viability of US domestic production."
US Ambbadador to Canada, Kirsten Hillman, said at the hearing that the imposition of tariffs on Canadian imports would be "devastating" for the US auto industry and the Canada would respond "proportionately" if tariffs were imposed.
A group representing major automakers told the Commerce Department that the imposition of tariffs on imported cars and parts would increase US vehicle prices by $ 83 billion a year and cost hundreds of thousands d & # 39; employment.
The EU commissioner pointed out that "there are no winners" in a trade war, in addition to warning US about European cars would be "a disaster."
Cecilia also commented that she tried to persuade the Americans, unsuccessfully, that Europe was not the source of the problem was related to the Trump government 's decision to go to court. impose tariffs on imports of steel and aluminum. "At least in steel and aluminum, the world is undeniably facing challenges because of global overcapacity – the root of this problem is China, "he said." But similar measures on cars would be disastrous. "
European exports of steel and aluminum subject to rights Americans represent ¤ 6.4 billion a year, while those of cars and parts of vehicles [19659014] ¤ 50 billion dollars each year
Market. In the United States, the stock markets close the stock market by paying attention to trade tensions involving the United States, in addition to the balance sheets of lukewarm companies. In short, major indexes even reduced losses after President Donald Trump questioned the Fed's interest rate hike, but trade tensions continued to weigh. The Dow Jones Industrial Average is down 0.53% to 25,064.50 points; the S & P 500 lost 0.40% at 2,804.49 points; and the Nasdaq fell 0.37% to 7,825.30 points.
"At least in steel and aluminum, the world is facing challenges … But similar measures on cars would be disastrous." Cecilia Malmstrom
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