President Trump has indicated that duties of 20% could be applied to EU car exports. It isn’t clear whether this would be a second round of retaliation after the EU’s response to the section 232 review of the metals industry. It could alternatively reflect the section 232 review of the automotive industry. In any event the EU has stated it will apply “equivalent penalties” if tariffs are applied to cars. U.S. imports of cars and light trucks from the European Union reached 1.5 million vehicles in the 12 months to April 30 with Germany accounting for 49% by number of vehicles. The impact ...