Fiat Chrysler Automobiles (FCA) CEO Sergio Marchionne warned the EU against retaliating to the United States' announcement it is imposing new tariffs on steel and aluminium, saying America would win a trade war. "Threatening tariffs against tariffs resolves absolutely nothing," Marchionne told reporters after a meeting of European carmakers association ACEA in Geneva.
"If there were a tariffs war all the way till the end, America would win.
"All you have to so is look at the economic balance - they import more than they export". The head of the Italian-American carmaker said FCA's investments would not change but added that "there could be impacts on the maintenance of a base in America".
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