Mexico, Canada – it was Germany’s turn to be on the short end of Trump’s “Art of the Deal” and the EU throwing in the towel. Remember, Trump has said he’d most want NO tariffs at all:
Trump VICTORY? EU may ABANDON tariffs on US cars after threats to German industry
The German Federal Minister for Economic Affairs and Energy, Peter Altmaier, told Austrian public broadcaster ORF on Friday that Germany is willing to come to the table to ease trade tensions with the US. Mr Altmaier said: “We are ready to talk about low, equal duties on cars. “This would be the best solution for everyone.” Mr Altmaier’s surprise comments came after an EU trade ministers meeting in Innsbruck.
US duty on imports from the EU is only 2.5 percent, resulting in a trade deficit for the US.
President Trump previously threatened to slap tariffs on German cars, starting a trade war with EU, unless the bloc changed their tariffs. He said: “The European Union is possibly as bad as China, only smaller. “They send a Mercedes in, we can’t send our cars in.”
One thing is sure – Trump knows when we have a stronger economic hand than our rivals and is not afraid to use that power to level the playing field. Even China is starting to change its tariffs as it is beginning to understand that the US market is more important to it than its exports are to us. Sure, there is some short term pain at time (e.g., our farmers with certain crops) but overall, he’s having success. There is nothing for an American President to have an “America First” set of policies. After all, he is representing Americans – not the world.