The Trump administration is expected to go ahead with 25% tariffs on imported automobiles from Europe and Japan as early as next week.
The midterm elections are over, but the Trump administration is still making noise about taxing every automobile coming into the U.S. from any country other than Canada and Mexico.
As a result, shares of German automakers are under pressure on Tuesday after a Reuters report that cites sources within the administration and a report from the US Department of Commerce on the President’s desk making a case to impose tariffs on cars imported from the European Union. The move is expected to happen next week.