EU Rejects Claim that Auto Exports Pose Security Threat to US

The European Union is rejecting claims that Europe’s car exports pose a threat to the United States after U.S. Commerce Secretary Wilbur Ross ruled that imported vehicles and parts imperil national security.



European Commission spokesman Margaritis Schinas said Monday that “the EU and the U.S. are security partners (so) neither U.S. nor European products can represent a security threat to the other side.”

U.S. President Donald Trump is delaying for six months any decision to slap tariffs on foreign cars, a move that would have hit Japan and Europe especially hard.

Trump still hopes to use the threat of auto tariffs to pressure them into making concessions in ongoing trade talks.

Schinas says that “neither the U.S. nor the EU can have an interest to enter a trade conflict.”

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza