EU, Japan say US car tariffs would cause ‘serious turmoil’
Paris, France | AFP – US tariffs on car imports would inflict a major blow to world trade, EU Trade Commissioner Cecilia Malmstrom and Japanese Economy Minister Hiroshige Seko said in a joint statement Thursday.
Such tariffs "would have a major restrictive impact affecting a very substantial part of global trade", the statement said.
"This would cause serious turmoil in the global market and could lead to the demise of the multilateral trading system based on WTO (World Trade Organization) rules," it added.
The last-ditch appeal to return from the brink of trade chaos came a day after US Commerce Secretary Wilbur Ross rejected calls to extend exemptions on punishing tariffs on aluminium and steel.
He also warned that duties for massive US imports of automobiles were on the horizon.
"Both ministers (Malmstrom and Seko) shared their serious concern regarding the additional tariffs or quotas on steel and aluminium, which they consider are not justified under national security grounds," the EU-Japan statement said.