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Trade war escalates: Trump threatens to slap retaliatory tariff on EU cars

German automakers Volkswagen AG, Daimler AG and BMW AG build vehicles at plants in the United States

Reuters  |  Washington 

US President Donald Trump kept up pressure on trading partners on Saturday, threatening European automakers with a tax on imports if the European Union retaliates against his plan to slap tariffs on aluminium and steel. Trump's tweet suggested he is refusing to yield to US business interests and foreign trading partners alarmed at the prospect of a trade war that rattled financial markets this week. "If the E.U. wants to further increase their already massive tariffs and barriers on US companies doing business there, we will simply apply a Tax on their Cars which freely ...

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First Published: Sun, March 04 2018. 09:29 IST
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