European Automakers Urge Trump Against Trade Wars

European automakers have urged President Donald Trump to abandon his plans to impose a retaliatory tax on car imports from the European Union (EU).An escalating war of words between the EU and the U.S. first began when Trump announced plans to slap hefty tariffs on steel and aluminum imports. He said “very stupid” trade deals had allowed countries from all over the world to take advantage of the world’s largest economy.That prompted a firm response from the U.S.’s trading partners, as well as criticism from the International Monetary Fund (IMF) and the World Trade Organization (WTO).”Free and fair trade is the best for all societies and at the end of the day it delivers win-win situations. I hope the politicians really think about it and create win-win situations for their societies,” Ralf Speth, CEO at Jaguar Land Rover, told CNBC on Tuesday.

Source: Trade war: European carmakers urge Trump to rethink retaliatory tariffs – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.