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发帖数: 11530 | 1 Trump reportedly says he wants to wipe German cars off the U.S. map
Autoblog Reuters,Autoblog 8 hours ago
BERLIN/FRANKFURT — A report that U.S. President Donald Trump has threatened
to pursue German carmakers until there are no Mercedes-Benz rolling down
New York's Fifth Avenue dented shares in the luxury car manufacturers on
Thursday.
An excerpt from German magazine Wirtschaftswoche's article, which cited
several unnamed European and U.S. diplomats but did not include any direct
quotes, could not be independently verified, while a U.S. Embassy spokesman
in Berlin referred questions to Washington.
The news and current affairs magazine said Trump had told French President
Emmanuel Macron in April that he aimed to push German carmakers out of the
United States altogether. Macron's administration in Paris declined to
comment on the report.
The Trump administration last week opened a so-called Section 232 trade
investigation into vehicle imports, which could result in a 25 percent
tariff on cars on the same "national security" grounds Washington used to
impose metals duties in March.
This could destroy exports by German carmakers, which control 90 percent of
the U.S. premium market and are the biggest European Union exporters of cars
to the United States.
BMW owns Rolls-Royce, while Daimler has Mercedes-Benz, and Volkswagen
controls Bentley, Bugatti, Porsche and Audi.
Daimler, BMW and Audi declined comment. Porsche was not immediately
available for comment.
BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW'
s shares were down 1 percent and 1.6 percent respectively, underperforming
Germany's blue-chip DAX.
Trump has railed against German carmakers before. And in early 2017, in an
interview with German newspaper Bild, he said he would impose 35 percent
tariffs on imported cars.
At the time, the president called Germany a great car producer but said that
the business relationship with the United States was an unfair one-way
street.
Germany's auto industry association VDA says its members exported 657,000
vehicles to North America last year, with total exports of vehicle
components, cars, engines, as well as second-hand vehicles totaling 31.2
billion euros in 2016.
Imports from the United States to Germany amounted to 7.4 billion euros,
meaning a trade deficit of 23.8 billion euros the VDA's latest available
figures show.
However, German brands also have huge factories in the United States, where
they built 804,000 cars last year, VDA said, providing jobs for U.S. workers.
Berlin has reacted angrily to the U.S. vehicle imports investigation, but
the head of Germany's BDI industry association Dieter Kempf on Thursday
called for prudence in the growing trade tensions between the EU and the
United States.
If the EU imposes countermeasures, it must expect Trump to come up with
further measures, he told Deutschlandfunk radio.
EU passenger car imports from the United States were worth 6.2 billion euros
($7.3 billion) last year, while the bloc's U.S. exports topped 37 billion
euros, according to Brussels-based industry association ACEA.
The threats made to the car sector are part of a bigger trade dispute with
the United States.
Trump's commerce secretary, Wilbur Ross, on Thursday was expected to
announce that the U.S. would end an EU exemption from tariffs on U.S.
imports of steel and aluminum, a move Germany has warned could lead to a
trade war.
Late on Wednesday, talks to avoid a transatlantic trade war showed no sign
of a breakthrough.
German Finance Minister Olaf Scholz told Reuters there were no signs of a de
-escalation and that the EU response to any tariffs must be "clear and
strong and smart."
Trump's auto tariff is a test of Franco-German solidarity since French
carmakers have hardly any U.S. sales, while German carmakers generate up to
30 percent of global sales there.
A 25 percent tariff would destroy the business case for German carmakers to
export to the United States, and mean a 4.5 billion euro hit for Germany's
premium manufacturers, analysts at Evercore ISI said in a note last week.
Audi and Porsche are seen to be particularly vulnerable because they do not
have U.S. factories, while Mercedes-Benz and BMW have large established
plants which could more easily allow them to expand local production
capacity if imports were curtailed.
Reporting by Madeline Chambers and Edward Taylor | W***n
发帖数: 11530 | 2 Hi flyers at least double from here
hahaha | W***n
发帖数: 11530 | 3 New normal
markets thrive on chaos
hahaha | W***n
发帖数: 11530 | 4 wonder what tricks t jokers 'll play next wk | W***n
发帖数: 11530 | | W***n
发帖数: 11530 | 6 good & easy to win
hehehe |
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