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Merkel warns US of counter-measures over car tariffs threat
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IANS | 21 Jul, 2018
German Chancellor Angela Merkel on Friday warned the US of
counter-measures if it imposed punitive tariffs on European cars, saying
the move would only create "losers and cause retaliation", the media
reported.
"We have regarding trade a very, very serious situation
in the world, I want to clearly state this," said Merkel at a news
conference.
"We don't want these tariffs, we believe that we
will damage each other, not only that we in the EU will be harmed but
that these can have a far broader impact," she said, adding they would
pose "a real danger for the prosperity of many in the world."
Merkel's
comments came days before European Commission President Jean-Claude
Juncker is due to meet US President Donald Trump on Wednesday to discuss
ways to prevent the punitive tariffs.
"These (talks) are our
preferred course of action," Merkel said. "But should they not lead to
results, we in the EU, as you have heard, will discuss countermeasures.
But this is by far the worst solution."
The Trump administration
is weighing import duties of 20 per cent to 25 per cent on European
automotive products on national security grounds. The threat puts more
than $50 billion worth of European imports at risk and has created panic
in Europe's largest economy.
Trans-Atlantic duties on cars have
been unchanged for decades. The US charges 2.5 per cent on passenger
car imports and 25 per cent on pickup trucks and vans. The EU charges 10
per cent on both.
Germany, with some of the world's largest car makers, would be affected hard by US import tariffs.
US
administration officials have proposed a bilateral trade deal cutting
tariffs on cars between the two regions, but EU officials along with
Merkel have said that's not possible under World Trade Organization
(WTO) rules.
In her news conference, she also highlighted the
importance of a close trans-Atlantic relationship with the US despite
current differences in opinion with Trump in some areas.
"One
can say values, or our usual framework, are under strong pressure right
now", she said. "Nonetheless, the trans-Atlantic working
relationship...is crucial for us and I will continue to cultivate it,"
she added.
But she also warned that Europe has become more
independent because the US is no longer the country that guarantees
order around the globe.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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Daily Poll |
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