- European Union threatens to retaliate in growing trade war, if Trump places tariffs on European cars, the FT reports.
- The European Commission said in a letter that they would hit $300 billion of US goods with tariffs if needed.
- Letter also threatened that any auto tariffs would "damage further the reputation" of the US.
The European Union has threatened to retaliate against President Donald Trump in the escalating trade conflict developing across the Atlantic.
According to a report in the Financial Times, a letter sent by the European Commission to the
In recent months, Trump has sparked a global-trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the European Union.
Trump recently turned his attention to the automotive sector, focusing on European manufacturers. "Based on the Tariffs and Trade Barriers long placed on the US 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 US," Trump tweeted back in June. "Build them here!"