Trump Threatens Tariffs On European Cars, Stocks Tank

Photo by Leon Neal/Getty Images

Saagar Enjeti White House Correspondent
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President Donald Trump threatened the E.U. with retaliatory tariffs on their auto industry if barriers are not removed in a Friday morning tweet.

Trump’s tweet immediately sparked drops in the stocks of European car makers. The president has ordered his administration to undertake a national security review and consider tariffs against the European Union for its own trade barriers.

“You look at the European Union — they put up barriers so that we can’t sell our Ford products in, and yet they sell Mercedes and BMW, and the cars come in by the millions, and we hardly tax them at all,” he said at a Wednesday campaign rally. “They don’t take our cars. And, if they do, the tax is massive.”

Saagar Enjeti