A border tax of 35% for every car imported to the United States

A border tax of 35% for every car imported to the United States

By: Simon Furman | Where To Trade | On:Monday, 16 January, 2017
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  On Monday, in an interview with Bild, a German newspaper , Donald Trump warned the German car companies that a border tax will be imposed on every car that will be imported to the United States of America. And it's a pretty big tax too:
"If you want to build cars in the world, then I wish you the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35% tax."- Declared Donald Trump in the Bild newspaper. 
Donald Trump added: " I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35% tax, then you can forget that".
  Peter Schwarzenbauer , BMW executive soon declared that BMW will not change its plans and will invest almost 1 billion dollars in a new plant in Mexico. The plant promises 1,500 jobs.

  Donald Trump's declaration made other people give their opinion about the subject, giving the general feeling that everything is under control.  
"In the long term, the United States would be shooting itself in the foot by imposing tariffs or other trade barriers"- VDA President Matthias Wissmann declared about the subject.

  On the other hand, the head of Germany foreign affairs committee, Norbert Roettgen, commented  for Reuters:  "Donald Trump seems to be absolutely focused on short-term job interests and security interests.  (...) not that he is looking for free trade so much, but more for protection".

  Meanwhile, the shares for the German car-makers, starting with BMW and continuing with Daimler and Volkswagen went down by 2%. It's clear that Donald Trump's warnings influenced the markets. 

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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