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>> So we're bringing it back.>> The US President on Saturday kept up pressure on trading partners. Threatening European automakers with attacks on imports, if the European Union retaliates against his plan to slap tariffs on aluminum and steel. Tweeting, quote, if the EU wants to further increase their already massive tariffs and barriers on US companies doing business there.
We will simply apply a tax on their cars which freely pour into the US. Reuters correspondent David Sheperdton says, Trump's tariffs potentially threaten the stability of the international trading system.>> President Trump is invoking national security which is a very broad non-specific way to potentially unravel trade agreements.
And there are a lot of international commerce who worry that this president of the United States is setting could be followed by other countries. That in the future could opt to invoke national security to impose tariffs, rather than go through the fairly cumbersome process under the WTO or other trade agreements.
>> It'll be 25% for steel, it'll be 10% for aluminum.>> Trump's Thursday announcement blindsided his own aides, including top White House economic adviser, Gary Cohn. And a subsequent trade wars are good tweet sent stocks tumbling globally. And allies promising to respond in kind. The European Union on Friday said it has already targeted $3.5 billion in US exports for potential tariffs.
And Canada has also said it will retaliate for any tariffs on steel and aluminum. We are impressing upon the American administration, the unacceptable nature of these proposals that are gonna hurt them every bit as much as they will hurt us.