Germany says it ‘will not give in’ as Trump announces 25% car tariffs

Germany said, “US President Donald Trump aims to give up,” aiming for automobiles and auto parts imported with 25 percent taxes in the latest tariffs.

Other major global economies have branded “Very bad news” and called Canada’s “directly attack,” and China vowed to retaliate, accusing Washington that it violated the international trade rules.

Early Thursday, Frankfurt stocks from French, Mercedes and BMW have fallen sharply with French companies, STELLANTIS, Jeep, Peugeot and Fiat.

Trump threatened Europe to impose a “much larger” tariff in order to portray the US as “economic damage.”

Fresh car tariffs will take effect on April 2.From the next day, a fee for the business of importing vehicles will be charged. Taxes for parts will begin in May or after that.

Trump says that tariffs are part of a drive that helps us to manufacture us, and when cars are made in the United States, “there is no tariff at all.”

Targets are taxes for products imported from other countries.

This measure can protect domestic business, but the business costs that rely on parts abroad also increase.

Companies that bring foreign products to the country pay taxes to the government. Companies can deliver some or all of the tariff costs to customers.

The United States imported about 8 million vehicles last year, accounting for about half of the transactions and total sales of about $ 180 million (£ 180 billion).

Mexico is the best automotive supplier in the United States, followed by Korea, Japan, Canada and Germany.

According to Anderson Economic Group, analysts estimate that tariffs on parts in Canada and Mexico can increase the cost of $ 4,000- $ 10,000 depending on the vehicle.

German Economic Secretary Robert Harbec said the European Union “must respond firmly.”

“We must be clear that we will not give up to the United States. We must show our strength and confidence,” he added.

France supports the joint approach and said, along with Eric Lombard’s finance minister, Europe’s “only solution” is to retaliate with tariffs on American products.

“We are in a situation we are aiming for. We will accept it, and in this case we will never stop,” Lombard added.

He emphasized the necessity of “re -adjusting the stadium,” the United States emphasized that “it was forced to negotiate.”

Canadian Prime Minister Mark Carney called the tariff as “direct attack” of his country and the automotive industry, adding it. “We will harm us.”

China, meanwhile, accused Trump for violating the rules of the World Trade Organization.

The Foreign Ministry spokesman said, “There are no winners in the trade war or tariff war.

There is a warning that Japan’s economic relations will have a “significant impact” on the economic relationships shared with the United States. The government spokesman described this action as “very regret,” and officials said they asked the United States to exempt.

In Korea the day before the latest imposition Hyundai has announced that it will invest $ 21 billion in the United States. Build a new steel plant in Louisiana.

Trump welcomed investment with “a clear demonstration that tariffs work very powerful.”

Bosch, headquartered in Germany, has confidence in the “long -term potential” of the North American market and said it will continue to expand its business.