7/20/2018, 11:11 AM (Source: TeleTrader)
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German automakers warn more tariffs put jobs at risk

President of the German Association of Automotive Industry Bernhard Mattes said on Friday that additional tariffs would hinder companies' independence and capacity for decision making and put jobs in the United States at risk. Both German and American car industry representatives agreed, at a hearing in the US Department of Commerce, that imposing more duties will negatively affect free trade in the long run, calling for a removal of trade barriers.

US Secretary of Commerce Wilbur Ross said yesterday that "nothing has been decided yet" regarding the US punitive measures on EU goods, but president Donald Trump warned that he will move towards introducing 20% tariffs on EU imports. Trade union representative Jennifer Kelly said that "mass layoffs" are possible should the US go ahead wih protectionist measures.

Washington already imposed aluminum and steel tariffs on goods coming from the bloc to which the EU responded with retaliatory measures. Trump stated that he plans to remain "tough" on trade issues with the Union.

Breaking the News / SS