Trump Backs Off On New Tariff Threat, For Now
Just yesterday, U.S. President Donald Trump was threatening to slap more tariffs on certain European countries who had pushed back on his attempts to make Greenland, a semi-autonomous territory belonging to Denmark, part of the United States.
Now, he's backing down. For the moment.
Trump said that he and NATO Secretary General Mark Rutte had “formed the framework of a future deal with respect to Greenland.”
So, because of that, Trump is won't enact tariffs that he'd planned to put into place on February 1.
Trump, of course, has changed his mind with little notice, and he's often failed to follow through on announcements he's made. He has also been known to spew falsehoods. So it's hard to say for sure that the this matter is settled.
If it is, it's good news for European automakers who sell cars in the United States -- especially the German makes. And it's good news for car buyers eyeing models build in Europe.
Stocks rose with the news.
For now, at least, it seems additional tariffs on certain European nations are off.
[Image: gualtiero boffi/Shutterstock.com]
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Tim Healey grew up around the auto-parts business and has always had a love for cars — his parents joke his first word was “‘Vette”. Despite this, he wanted to pursue a career in sports writing but he ended up falling semi-accidentally into the automotive-journalism industry, first at Consumer Guide Automotive and later at Web2Carz.com. He also worked as an industry analyst at Mintel Group and freelanced for About.com, CarFax, Vehix.com, High Gear Media, Torque News, FutureCar.com, Cars.com, among others, and of course Vertical Scope sites such as AutoGuide.com, Off-Road.com, and HybridCars.com. He’s an urbanite and as such, doesn’t need a daily driver, but if he had one, it would be compact, sporty, and have a manual transmission.
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The cult of personality is still strong I see.
This is how Trump negotiates. Bare knuckled negotiating is ugly. Are people really surprised this is what he does after seeing it now for multiple years?