US Commerce Secretary mocks EU's trade war threats top stories direct to your inbox SUBSCRIBE Invalid email Sign up to receive our rundown of the day'sdirect to your inbox When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. US President Mr Trump allegedly told French President Emmanuel Macron he wanted to go through with his aggressive trade policy to prevent Mercedes-Benz models from driving down Fifth Avenue in New York, says the report by German magazine WirtschaftsWoche. The weekly business magazine cited a number of unnamed sources from Europe and the Unite States who confirm the exchange between Mr Macron and Mr Trump, who met in Washington in April during the three-day state visit of the French leader. Europe’s autos sector trade was hit following the publication early on Thursday of the magazine’s report. The German automakers led the losses, with shares of luxury brands Daimler, Porsche and Volkswagen all trading off around one percent. When you walk down Fifth Avenue, everyone has a Mercedes-Benz in front of their house. How many Chevrolets do you see in Germany? US President Donald Trump The move is seen as the last aggressive attack on Germany’s car industry from Mr Trump, who already threatened earlier this year to raise duties on the import in a bid to push the US car brands. And his lack of sympathy towards the industry does not come as a surprise. In January 2017, prior to his inauguration, the then president-elect said in an interview: “When you walk down Fifth Avenue, everyone has a Mercedes-Benz in front of their house. "How many Chevrolets do you see in Germany? US trade war: Donald Trump is ready to ban German cars from the US, says report “Not too many, maybe none at all, you do not see anything over there, it's a one-way street. "I love free trade, but it must be a smart trade for me to call it fair." The shocking report comes two weeks after the US Department of Commerce launched an investigation into automobile imports to determine whether they "threaten to impair the national security" of the country. US trade war: This wouldn't be Mr Trump's first attack to German car makers US trade war: The US is set to implement its metal tariffs on European Union nations tomorrow<doc-sep>NEW A vastly improved search engine helps you find the latest on companies, business leaders, and news more easily.<doc-sep>President Trump Donald TrumpTrump lashes out after grand jury seated for New York criminal probe Schumer tees up vote on Jan. 6 commission bill Senators struggle to save Jan. 6 commission MORE wants to impose a total ban on the imports of German luxury cars, according to a new report from CNBC and German magazine WirtschaftsWoche. Several U.S. and European diplomats told the news outlets that Trump told French President Emmanuel Macron about his plans last month during a state visit. Trump reportedly told Macron that he would maintain the ban until no Mercedes-Benz cars are seen on Fifth Avenue in New York. ADVERTISEMENT Shares of Daimler, Porsche and Volkswagen were lower on Thursday, shortly after the weekly German business magazine published the report. The Hill has reached out to the White House for comment. The report comes a week after Trump ordered Commerce Secretary Wilbur Ross Wilbur Louis RossCommerce Department unit gathered intel on employees, census critics: report Former Trump officials find tough job market On The Money: Retail sales drop in latest sign of weakening economy | Fast-food workers strike for minimum wage | US officials raise concerns over Mexico's handling of energy permits MORE to investigate auto tariffs and probe whether car imports are a danger to national security. A similar national security argument was used when Trump placed steep tariffs on aluminum and steel imports in March. Trump and congressional Republicans are preparing to clash over the proposed tariffs, which could be as high as 25 percent. A number of German automakers have plants in the U.S., including Mercedes-Benz in Alabama and BMW in South Carolina.<doc-sep>NEW A vastly improved search engine helps you find the latest on companies, business leaders, and news more easily.<doc-sep>
President Donald Trump is hoping to block German luxury carmakers from the U.S. market, according to an exclusive report by German magazine WirtschaftsWoche. Citing several unnamed U.S. and European diplomats, the weekly business magazine reported that Trump told French President Emmanuel Macron last month he would maintain his trade policy with the aim of stopping Mercedes-Benz models from driving down Fifth Avenue in New York. The report didn't give any further details on what policies would be used to effectively ban the premium carmakers. The report comes less than two weeks after the U.S. Department of Commerce launched an investigation into automobile imports to determine whether they "threaten to impair the national security" of the U.S. That could lead to tariffs of up to 25 percent on the same "national security" grounds used to impose metal imports charges in March. Europe's autos sector was trading lower shortly after the report was published Thursday, with German automakers leading the losses during mid-morning deals. Shares of Daimler, Porsche and Volkswagen were all trading off around 1 percent on the news. Volkswagen was not immediately available for comment when contacted by CNBC Thursday, while Daimler refused to issue a statement. The White House did not immediately respond to CNBC's request for comment. Read WirtschaftsWoche's full article here. Correction: The headline of this article has been updated to reflect that President Donald Trump wants to stop German luxury car imports in the U.S. A previous version of this article erroneously used the word "ban" in the headline.