More tension on the global trade front...
The European Union is warning to retaliate... if the U.S. follows through on its threat to impose tariffs on European vehicles.
Ro Aram has the details.
Monday's warning came amid reports over the weekend that President Trump received a report from the U.S. Commerce Department.
The report was said to have contained findings of a government probe into whether imported vehicles pose any national security threat.
It was widely expected to clear the way for President Trump to threaten tariffs of up to 25 percent on imported cars and car parts, giving him 90 days to decide whether or not to take action.
That would be a tenfold increase from the current rate.
If the president does impose new tariffs, then it would go against last year's agreement between Trump and EU Commission President Jean-Claude Juncker to refrain from escalating trade tensions.
The EU issued a stark warning against the potential duties.
"………Where this report translates into actions detrimental to European exports, the European Commission would react in a swift and adequate manner."
European carmakers, especially in Germany, have warned that the feared tariffs would add thousands of dollars to vehicle costs and potentially lead to hundreds of thousands of job losses throughout the U.S.
Even America's auto industry expressed concern, warning that such measures could move the development and implementation of new automotive technologies overseas.
Ro Aram, Arirang News.
