German vehicle shares dip on Trump tariff tweet

China and US trade talks

President Donald Trump threatened a 20 per cent tariff on cars imported from the European Union unless the bloc removes import duties and other barriers to USA goods, escalating a global trade war the EU warned could endanger $300 billion in commerce.

This came on the same day that the European Union triggered tariffs on €2.8 billion (S$4.4 billion) of American products in response to United States duties on its steel and aluminium exports that were justified on national security grounds.

Germany's top automakers favor ending all import tariffs for cars between the European Union and the USA, the Wall Street Journal reported June 20.

On May 23, Trump instructed Commerce Secretary Wilbur Ross to investigate whether or not auto imports "threaten to impair the national security".

The warning to Mr Trump comes a day after he raged about European Union tariffs put on imported U.S. cars of 10 percent, compared with America's 2.5 percent levy on cars imported from the US. The EU imposes a 10% tariff on imported USA cars.

Adding as much as £200m per year to the cost of consumer goods arriving in Britain from the USA, the measures came after Donald Trump imposed additional tariffs on imports of steel and aluminium shipped from the EU.

Germany's Daimler (DDAIF) and Volkswagen (VLKAY) initially fell about 1% in Friday's stock market trading in reaction to Trump's tweet.

Commerce Secretary Wilbur Ross in May launched an investigation into whether auto imports hurt USA national security.

In the end, we believe that the current tensions will eventually subside as the U.S. midterm elections in November approach.

He is threatening to impose another national security-based tariff on imports of cars, lorries and auto parts.

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"Although many think this might be another bluff from Trump, markets are likely to stay nervous to trade-related headlines for now". However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the European Union means that we are left with no other choice. A bulk of these products figured in a list of items imported from the United States, alongside other countries.

Mr. Trump has repeatedly criticised German auto imports.

"BMW's largest plant in the world is based in Spartanburg, South Carolina, and export cars from the USA to other countries".

It accused the United States of "extreme pressure and blackmailing" and vowed to retaliate after Trump on Monday threatened to slap a 10 percent tariff on $200 billion of Chinese goods in addition to the import duties previously announced on $50 billion in goods.

"If they decide to raise their import tariffs, we'll have no choice, again, but to react", EU Commission Vice President Jyrki Katainen told French newspaper Le Monde.

President Donald Trump, left, reportedly told French President Emmanuel Macron that he wants to rid the USA of German cars.

The group, whose members include European automakers BMW, Volkswagen, Jaguar-Land Rover, Mercedes-Benz, Porsche and Volvo, says automakers favor reducing trade barriers and "achieving fairness through facilitating rather than inhibiting trade".

Felipe Munoz, global analyst at JATO Dynamics, said: "While German-made cars accounted for 4% of Q1-18 U.S. sales, American-made cars made only 1.3% of German registrations in the first quarter".

In a retaliatory move, China responded with a 25% tariff on USA imports including Bourbon, which will come into play on 6 July.

The Australian dollar sank to a one-year low of A$ 0.7391 as the U.S. Whiskey and tobacco from the USA will also be hit by tariffs of around 25 percent.

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