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EU Offers to Drop Tariffs on U.S. Cars
The European Union says it would be willing to drop its 10% import tax on vehicles from the U.S. if the U.S. agreed to do the same on vehicles it imports from Europe.
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The European Union says it would be willing to drop its 10% import tax on vehicles from the U.S. if the U.S. agreed to do the same on vehicles it imports from Europe.
EU Trade Commission Cecilia Malmstrom adds that the EU would back zeroing tariffs on all industrial goods from the U.S., if the U.S. reciprocates, Bloomberg News reports.
Last month President Donald Trump suspended his threat to impose a 20% tax on vehicles from Europe after the EU agreed on July 25 to launch negotiations about its trade policies.
The U.S. currently charges taxes of 2.5% on cars and 25% on light-duty trucks the come from outside North America. Initial talks between the U.S. and EU have focused on industrial goods but excluded autos. But a source tells Bloomberg that the subject of import taxes on cars will be raised and would need to be part of any final deal.
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