EU threatens $300B in tariffs if US carries out car import tariffs

In response to President Donald Trump's proposed tariffs on imported vehicles, the European Union has threatened to levy as much as $300 billion in tariffs on U.S. goods, according to the Financial Times.

President Trump has said the EU is "as bad" as China when it comes to trade deficits, and his administration is considering tariffs of 20 percent to 25 percent on imported cars. Global auto manufacturers have said these tariffs could raise the price of imported vehicles by as much as $6,000 for American consumers.

The $300 billion in tariffs proposed by the EU is roughly equal to the value of imports of American cars and auto parts, which hit $330 billion last year.

EU officials said that E.U.-owned car companies produce over one-quarter of cars in the U.S. and that new tariffs could end up costing American jobs.

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