Trumps auto tariffs spark global outcry as price hikes loom [Video]

World powers on Thursday blasted US President Donald Trump’s steep tariffs on imported vehicles and parts, vowing retaliation as trade tensions intensify and price hikes appear on the horizon.

Major car exporter Germany urged a firm response from the European Union, while Japan said it “will consider all options.”

Canadian Prime Minister Mark Carney said Thursday that the “old relationship” of deep economic, security and military ties with Washington “is over,” adding that he expected to speak with Trump in the next day or two.

The 25 percent US duties, which take effect on April 3 at 12:01 am (0401 GMT), impact foreign-made cars, light trucks and vehicle parts.

Experts warn of higher vehicle costs, and Italian carmaker Ferrari said it would raise prices on many models sold to the United States by up to 10 percent from next week.

Global stock markets plummeted with automakers like Toyota, Hyundai and …