The European Union car stocks on Friday took a plunge after President Trump 20 percent tariff threat.
BMW, Volkswagen, Fiat Chrysler, Mercedes owner Daimler all dipped in results of President Trump’s tweet.
President Trump this morning told the EU to remove “tariffs and trade barriers” on U.S. or he will impose a 20 percent tariff on all incoming EU cars.
“Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!” Trump tweeted.
The media might spin this news as Trump ruining our relationships with our allies, but we as Trump supporters see this as putting America first.