EU threatens $23B in tariffs if Trump taxes cars

Source: The Hill | January 23, 2019 | Morgan Gstalter

The European Union said Wednesday that it will retaliate with nearly $23 billion in tariffs if President Trump puts taxes on imported EU cars and auto parts.

Jean-Luc Demarty, director general for trade in the European Commission, told the European Parliament in Brussels that the bloc is prepared to hit back should Trump dissolve a July agreement to avoid new tariffs, according to Bloomberg.

“We should be ready to respond appropriately and effectively to any new trade restrictions that the U.S. administration may create for us,” Demarty said. “We have prepared a draft list of imports from the U.S. to the value of 20 billion euros ($22.7 billion) on which re-balancing action could be taken.”

The 28-nation EU will reject any plan from the Trump administration that would implement tariffs or quotas on European automotive goods, Demarty said.

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