Pushback over tariffs

VEHICLES: MAJOR EXPORTERS CALL FOR FIRM EUROPEAN UNION RESPONSE

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World powers yesterday blasted US President Donald Trump's steep tariffs on imports of vehicles and car parts, vowing retaliation as a widening trade war intensifies.

Major car exporter Germany called for a firm response from the European Union (EU), while Japan said it "will consider all options."

Stock markets across Asia and Europe skidded into the red as auto manufacturers from Toyota to Hyundai and Mercedes led the plunge.

The US duties will take effect on 3 April and affect foreign-made cars and light trucks.

Key automobile parts will also be hit within the month.

"What we're going to be doing is a 25% tariff on all cars that are not made in the United States. If they're made in the United States, it is absolutely no tariff," Trump said at the White House.

France Finance Minister Eric Lombard condemned the "hostility," saying the "only solution for the EU will be to raise tariffs on American products in response."