The escalating economic conflict with the European Union is proving dangerous for American car companies. After President Trump announced on Friday that he would impose a 20 percent tariff on all cars imported from the EU, shares for both European and American car companies plummeted, reports Bloomberg. Trump sought to punish the EU for its retaliatory tariffs, which included tariffs on about $3.3 billion worth of American goods, including bourbon, orange juice, peanut butter, and motorcycles.

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