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.
Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!
— Donald J. Trump (@realDonaldTrump) June 22, 2018
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.