Korea to form task force following Trump's automobile import tariff remarks


The White House says Trump has asked Commerce Secretary Wilbur Ross to consider whether imports of cars and trucks and automotive parts threaten US national security.

Wednesday evening, the White House announced that Trump had directed Commerce Secretary Wilbur Ross to consider launching a formal investigation of the possible need for such industrial protection.

Speaking at a political forum, the candidate for the right-left For Mexico in Front coalition made the statement within the context of ongoing NAFTA negotiations, charging that United States President Donald Trump's decision to undertake the probe is another example of the US government's lack of respect for its Mexican counterpart.

A Wall Street Journal report on the investigation caused USA automaker shares to jump and hit those of overseas companies like Toyota, with its New York-traded shares falling 0.67%. Any new inquiry would also rely on the so-called Section 232 of the Trade Expansion Act of 1962, a, gives the executive branch the ability to conduct investigations to "determine the effects on the national security of imports".

China is a relatively minor player in the US auto import market, ranked 10th in dollar terms, but its massive vehicle industry is eager to expand overseas.

A move by the United States to explore tariffs on auto imports is based on flimsy logic and is part of the pressure from Washington to renegotiate the NAFTA trade pact, Canadian Prime Minister Justin Trudeau said on Wednesday.

The report caused USA automaker shares to jump and hit those of overseas companies like Toyota Motor Corp., with its New York-traded shares falling 0.67 percent.

There have been reports of the Trump administration considering new auto tariffs as a response, possibly as high as 25 percent, though there's been no official comment in that direction. Lawmakers lash out on Trump auto tariffs Overnight Health Care - Sponsored by PCMA - Abortion rights group plans M campaign to flip the House Senate GOP sounds alarm over Trump's floated auto tariffs MORE (Utah), the chairman of the Finance Committee - warned on Thursday that the administration's proposed plan would backfire by negatively impacting American families. Trump said on Tuesday the USA may instead require that ZTE appoint a new board of directors and pay a "very large fine" of perhaps $1.3 billion.

"I will tell you in the end, we win", he said. "This path leads inevitably to fewer choices and higher prices for cars and trucks in America".

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Tweeting alongside the clip, she wrote: "so wish i were there with u all today. u have no idea. love you so v much". People laid flowers and cards in St Ann's Square, which became a focal point for mourners after the attack .

"There will be big news coming soon for our great American autoworkers", he said on Twitter. About 95 per cent of Canadian-made vehicles are exported to the United States.

Mexico is the top exporter of passenger vehicles and light trucks to the U.S followed by Japan, Canada, Germany and South Korea, according to the Department of Commerce.

Canada and Mexico are already locked in tortuous negotiations with the Trump administration to revamp the North American Free Trade Agreement that links the three countries.

Currently, the U.S. charges just 2.5% on auto imports, which is lower than the European Union's 10% and China's 25% - although the latter country will lower its tariff to 15% from 1 July. Tariffs would shave 0.16 percent off the economic output of Germany, Europe's largest economy, the influential Ifo think tank said. "After many decades of losing your jobs to other countries, you have waited long enough!"

Mexico in the past has threatened to retaliate against USA trade actions by curtailing purchases of American farm products.

NDP Leader Jagmeet Singh said he didn't know if anyone should be surprised that Trump made a comment of that nature.

Some have speculated that the potential tariffs are a way for Trump to get Canada and Mexico to the negotiating table regarding NAFTA.

"As a global manufacturer, Geely Holding Group is in favor of free trade and open markets".

United States cars sold in the European Union are hit with 10 percent duties, while the U.S. imposes just 2.5 percent on cars from the EU. At the same time, the United States exported almost 2 million vehicles worldwide worth $57 billion.