The EU, the U.S. and auto imports. The European Union is bracing for the Trump administration’s response to a U.S. Commerce Department report on auto imports. The confidential report includes the findings of an investigation into whether auto imports pose a threat to U.S. national security. President Donald Trump received the report over the weekend, and he now has 90 days to determine whether to place up to 25 percent in new tariffs on cars manufactured in Europe. The Federation of German Industry has already called for the report to be made public to reduce business uncertainty. The head of the European Commission said that Trump told him there will be no tariffs “for the time being.” However, he also said that if Trump changes his mind, the EU is ready to react swiftly, and would not feel obligated to buy more U.S. soy and liquefied natural gas.
Sanctions take their toll on Russia. The Ministry of Economic Development calculated that, through the end of 2018, the total dama
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