The EU is planning a $3.5 billion trade war retaliation against the US
Statistics show that £171 billion worth of cars were exported from the European Union a year ago, with the USA the destination for 25% of them.
European Aluminium has criticized the US' proposed 10% import duty on aluminum announced Thursday by President Donald Trump, and called for a response from the EU to protect the European aluminum industry.
Trump has announced the imposition of a 25 percent tariff on all USA steel imports, prompting widespread criticism of this material manifestation of his "America First" rhetoric in Germany and beyond.
Commissioner for Trade Cecilia Malmstrom added: "These US measures will have a negative impact on transatlantic relations and on global markets".
The European Commission has said it would respond "firmly" to proposed US import duties of 25 percent on steel and 10 percent on aluminium.
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In terms of response "all options are on the table", ranging from a challenge at the World Trade Organization to "counter-measures to limit United States imports in Europe", he said.
VDMA director Thilo Brodtmann further highlighted that the tariffs announced by Trump would harm the U.S.as well by leading to "higher prices on the American market and lowering the global competitiveness of domestic industry". European Union officials said they would retaliate with new tariffs on USA goods, including Harley-Davidson motorbikes, bourbon whiskey and Levi's jeans. The EU has been a close security ally of the U.S. for decades.
"Protectionism can not be the answer to our common problem in the steel sector".
"We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk", he said.
European Commission chief Jean-Claude Juncker vowed that the bloc "will react firmly" to defend its interests.
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