World News

Donald Trump 'threatens to push German luxury cars out of the US'

Donald Trump 'threatens to push German luxury cars out of the US'

Europe's autos sector trade was hit following the publication early on Thursday of the magazine's report.

TheWirtschaftswoche report did not say what trade barriers Trump planned to use to lock German cars out of the USA market.

President Donald Trump is preparing to impose a total ban on German luxury carmakers from the USA market, according to an exclusive report by German magazine WirtschaftsWoche. 'How many Chevrolets do you see in Germany?

Earlier this month, the Trump administration opened a trade investigation into whether vehicle imports had damaged the USA auto industry.

The German automakers led the losses, with shares of luxury brands Daimler, Porsche and Volkswagen all trading off around one percent. But Trump is known for saying (and tweeting) things he can't follow through on, so don't write off your next Mercedes purchase just yet. "Not too many, maybe none at all, you do not see anything over there, it's a one-way street".

More news: Arsene Wenger Favourite To Take Over At Real Madrid

Donald Trump, who is said to have owned several Mercedes-Benz vehicles, allegedly wants to ban German cars from United States roads. The Mercedes-Benz factory in Tuscaloosa, Alabama, builds a similar number of vehicles, and just a year ago parent company Daimler invested $1.3 billion expanding the facility.

At the time, the president called Germany a great auto producer but said that the business relationship with the United States was an unfair one-way street.

Daimler declined to comment on the proposed ban, but a spokesperson pointed out that the company supports more than 150,000 jobs here, and 22.8 percent of Daimler's shareholders are from the US.

The White House did not immediately respond to CNBC's request for comment.


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