"A fresh round of tariffs on European exports would cost Germany and Europe dearly, the president of the German auto industry association has said, as he called for a smart response coordinated by Brussels. The costs of these additional tariffs would be enormous for German and European industry, especially in these already challenging times, said Hildegard Muller, the president of the VDA trade organisation. What is crucial now is a smart, strategic response from Brussels that is coordinated with the countries affected, she added."
"European leaders are expected to meet in Brussels on Thursday for an emergency summit to discuss the prospect of imposing counter-tariffs on US exports on 7 February that would hit everything from liquid gas to aircraft and machinery. Trump's shock threat on Saturday to impose additional tariffs of 10% in February with a further 25% in June have derailed a period of relative transatlantic trade calm after theEU-US agreement struck at the US president's Scottish golf course last July."
"If the EU gives in here, it will only encourage the US president to make the next ludicrous demand and threaten further tariffs, said Bertram Kawlath, the president of the German engineering association VDMA. The German Chamber of Commerce and Industry (DIHK) said it was wrong of Trump to link the economies to political ambitions. Highly controversial political goals are being tied to economic sanctions in an unacceptable manner, said Volker Treier, a member of the DIHK executive board."
European industry condemned Donald Trump's demand for Greenland and threatened tariffs, warning of heavy costs for German and European exporters. Hildegard Muller of the VDA said additional tariffs would be enormous and urged a smart, strategic response coordinated by Brussels with affected countries. Trump threatened 10% tariffs in February and 25% in June, disrupting recent transatlantic trade calm after last July's EU-US agreement. EU leaders will meet for an emergency summit to consider counter-tariffs on US exports on 7 February targeting liquid gas, aircraft and machinery. German trade groups urged the EU to resist and sought to avert a full trade war.
Read at www.theguardian.com
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