President Donald Trump tweeted another tariff threat Friday, this time targeting imported autos from the European Union.
The president said on his feed that if the EU does not removed duties on U.S. cars, then the U.S. will have no choice but to act.
The threat comes just two days after Commerce Secretary Wilbur Ross said no decision had been made on whether the U.S. would extend the volley of tariffs it has imposed on other goods to the automobile industry.
Trump’s tweet rippled through the financial markets, sending shares of BMW, Volkswagen, Fiat Chrysler and Mercedes all lower. Ford and General Motors shares also slipped following the news.
The 20 percent tariff actually would be a bit smaller than the 25 percent levy Trump had previously threatened. The president has railed against unfair tariffs slapped on U.S. goods in other countries and has vowed to reduce the trade deficit the country has with other nations, particularly China.
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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