World Bulletin / News Desk
Car behemoth Volkswagen warned Thursday against "one-sided protectionism" after the United States said it was considering new taxes on auto imports in the name of national security.
"One-sided protectionism has never helped anyone in the long term. Only free and fair trade secures increased prosperity," a spokesman for the group based in Wolfsburg, Germany told AFP.
"Core industries such as automobiles and automotive parts are critical to our strength as a nation," Trump said in his own statement.
Volkswagen responded that "working together as partners is the basis for prosperity, employment and growth among all involved."
Cars are a keystone industry in Germany, Europe's largest economy.
The sector accounted for some 28.6 billion euros ($33.6 billion) of the nation's 111.5 billion euros in exports to the US last year, according to figures from the Chambers of Commerce and Industry (DIHK).
But many German firms like Volkswagen, BMW or Mercedes-Benz maker Daimler also operate major factories in the US.
In its own statement, BMW noted that its 10,000-employee plant in Spartanburg, South Carolina is its biggest worldwide -- while adding that "barrier-free market access is a decisive factor" for its business.
President Nicolas Maduro has described the move as a "great change" as the government attempts to halt spiraling hyperinflation that the International Monetary Fund predicts will hit a staggering one million percent this year.
The year-over-year increase in consumer prices was the largest since September 2011 and follows a 2.5 percent rise in June of this year. Analysts had expected it to remain flat.
Consumer confidence index stands at 68.3 this month, compared to 73.1 in July, according to official data
Euro area goods trade surplus reaches nearly $110B, EU28 deficit at $4B, say Eurostat figures
BIST 100 rises above 1,200 points, Turkish lira gains value against foreign currencies
Use of dollar as tool of pressure will result in its refusal as means in international payments, says top Duma deputy
Excluding interest payments, central government's budget balance saw surplus of nearly $1.95B last month
Regulation enters into force on Sept. 1, says Official Gazette
Foreigners buy over 2,800 houses, marking 65.6 percent rise year-on-year, according to TurkStat
BIST 100 rises above 1,600 points, Turkish lira gains value against foreign currencies
Amazon on course to join Apple as world’s only companies worth over $1 trillion
The "informed source" in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice.
Finance Minister Siluanov terms US dollar a 'risky tool' for payments in international trade