Trump plays cat-and-mouse with Europe amid trade war

A sports car being assembled at a Porsche factory in Stuttgart-Zuffenhausen, Germany. The United States is the largest export market for the German car industry. Porsche, in particular, is dependent on the US market. It sells every fourth vehicle in
A sports car being assembled at a Porsche factory in Stuttgart-Zuffenhausen, Germany. The United States is the largest export market for the German car industry. Porsche, in particular, is dependent on the US market. It sells every fourth vehicle in the US, which accounts for a third of its profits.PHOTO: REUTERS

EU jittery after US President hints at raising taxes on European cars

The European economy is already in rough waters, but the escalating United States-China trade war is sending a new wave of jitters through European Union countries.

After US President Donald Trump announced a tariff hike for US$300 billion (S$415 billion) worth of Chinese imports and hinted at higher taxes on European car imports, stocks fell sharply around the world.

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A version of this article appeared in the print edition of The Straits Times on August 10, 2019, with the headline 'Trump plays cat-and-mouse with Europe amid trade war'. Print Edition | Subscribe