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COMING UP:Share Opener Variant 3

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Transcript

00:00:02
>> US President Donald Trump lambasting the European Union Thursday, saying its decision to fine Google a record $5 billion is proof that the EU is taking advantage of the US. The president's comments come as the US is embroiled in a mounting dispute with the EU over trade, a topic expected to be on the agenda when the bloc's Commission President John Claude Juncker heads to the White House next week.
00:00:30
>> If we don't negotiate something fair, then we have tremendous retribution, which we don't wanna use, but we have tremendous powers. We have to, including cars. Cars is the big one.>> Trump has ordered the Commerce Department to investigate whether imported cars and car parts pose a national security threat, which could lead to substantial tariffs if the findings pan out.
00:00:55
But automakers are pushing back Thursday, as the Department of Commerce kicks off a two-day hearing on the probe. Reuter's Transportation Editor, Joe White.>> A number of automotive trade groups said basically, look, this proposal to put 25% tariffs on imported vehicles and imported auto parts is a terrible idea.
00:01:14
It's going to kill jobs, don't do it. And the Alliance for Automobile Manufacturers, which is the group that represents the Detroit Three, said that the tariffs could cost the industry $83 billion and erase tens of thousands of jobs, so they definitely painted a picture of real devastation to the industry if this goes through.
00:01:35
>> White says the auto maker's big fear is that imposing a 25% tariff on imports could raise the price on all vehicles.>> This proposal is not just aimed at imported vehicles, it's also aimed at imported parts, and imported parts are found in just about every vehicle that's sold in United States and in pretty high proportion.
00:01:57
And that's where the real damage to the industry could come, at least according to the industry representatives who were testifying.>> The administration, on the other hand, claims that the US auto industry over the last few decades has lost hundreds of thousands of jobs, and that something ought to be done to bring them back.