Daily Management Review

Trump Wants To Stop German Luxury Cars Entry Into U.S.: Media Reports


05/31/2018




Trump Wants To Stop German Luxury Cars Entry Into U.S.: Media Reports
According to media reports that were published in the United States and elsewhere, last month, the U.S. President Donald Trump had reportedly told the French President Emmanuel Macron that a trade policy would be pursued by him with the objective of preventing various models of Mercedes-Benz from being run on the Fifth Avenue in New York.
 
There was a fall in the stocks in Europe's autos sector following the publication of the media reports on Thursday where the major losers during mid-morning deals were expectedly the German automakers.
 
An exclusive report that was first published on this issue in the German magazine WirtschaftsWoche claimed that President Donald Trump is hopeful that he would be able to prevent German luxury cars from entering and doing business in the U.S. market.
 
Trump had reportedly told the French President Emmanuel Macron about his intention of preventing the running various luxury models of German car companies such as Mercedes Benz on American roads, claimed the report in the German weekly business magazine quoting a number of unnamed U.S. and European diplomats. However, no details were available in the report about the specific polices that Trump was planning on to use to stop German luxury car models from doing business in the U.S.
 
It has not even been two weeks that an investigation has been initiated by the U.S. Department of Commerce that seeks to identify whether the import of automobile parts in to the country is in anyway threatening for the national security of the U.S. If the investigations finds some support for to the theory of threat of national security then the U.S. could impose tariffs of up to 25 per cent on such imports on the basis of "national security" threats that was used to the imposition of tariffs on import of steel and aluminum in March.
 
The fall in the shares of the auto sector of Europe in general following the publication of the news and its proliferation in other media outlets and platforms included about a 1 per cent drop in the shares of German auto companies and other such as Daimler, Porsche and Volkswagen.
 
There were no comments available from Volkswagen and Daimler on the issue. No comments form the White House was also available in the media about issue following the publication of the news report.
 
(Source:www.cnbc.com)






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