The global economy would be hit hard if President Donald Trump decides to impose steep tariffs on imported cars, Citi’s Willem Buiter told CNBC on Thursday, with Germany likely to bear the brunt of any losses.
The U.S. administration recently declared that some imported vehicles and autos parts pose a national security threat to the world’s largest economy.
It comes after the Commerce Department submitted its so-called “Section 232” national security report in February. Specific recommendations from this report have not been revealed, but it is widely believed to have concluded that car and auto part imports pose a risk on national security grounds.
