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Trump may impose tariffs on imported cars next week after G20 meet: Report

The report recommended a 25% customs duty on car imports from all countries except Canada and Mexico

Reuters  |  Berlin 

Donald Trump
Donald Trump. Photo: Reuters

European extended losses on Tuesday after a reported that US could impose tariffs on imported cars from next week.

cited "EU sources" as saying a US Department of Commerce investigation report was on Trump's desk, adding: "Trump will possibly decide on tariffs as early as next week after the meeting in "

It cited the sources as saying the report recommended a 25 per cent customs duty on from all countries except and

However, the has repeatedly pledged not to move forward with imposing tariffs on the or as long as it is making constructive progress in trade talks.

The European Commission, which oversees trade policy for the 28-member European Union, declined to comment on the report in general, but did say that Wirtschaftwoche's reference to EU heading to on Wednesday was not correct.

Neither nor the US Commerce Department immediately responded to a request for comment.

The Commerce Department has not publicly released any findings from its investigation into whether imported autos and parts pose a national security risk. Reuters reported that the department submitted its recommendations earlier this month to the White House, which did not immediately act.

Trump could take weeks or month to decide. Once he makes a decision, the has 15 days to impose the new tariffs.

European extended losses after the report, falling 2.5 percent . Autos stocks are down 20 percent year-to-date as fears of tariffs and slowing growth in drive investors away from the sector.

Shares in widened losses and were trading 4.1 percent lower at 1610 GMT. shares were down 1.4 percent. shares were down 2.4 percent.



First Published: Tue, November 27 2018. 21:53 IST