Donald Trump Proposes 20% Tariff On European Cars

Donald Trump proposes a 20% tariff on European cars
Donald Trump

Donald Trump tweeted today his intention to slap a 20% tariff on all auto imports from Europe.

From The Washington Post:

Car tariffs are shaping up as the next battle in what officials here fear is developing into a full-blown trade war between the U.S. and its closest allies. Trump has already imposed tariffs on European steel and aluminum, and Europe on Friday imposed countertariffs on goods ranging from whisky to motorcycles.

Although auto tariffs would be aimed broadly at imports, with cars from major manufacturing hubs such as Mexico, Canada and Japan all likely to be affected, Trump has singled out German cars as the object of his ire.

Additionally, CBS News reports as many as 195,000 U.S. workers could lose their jobs over the next three years if demand for cars imported into the U.S. slows because of the tariffs.

If other countries retaliate and tax similar products another 624,000 U.S. jobs could be lost.