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EU Seeks to Avert U.S. Car Tariffs in July 25 Meeting
The European Union hopes to reach an agreement with President Donald Trump next week to avert U.S. plans to slap a 20% tariff on cars made in Europe.
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The European Union hopes to reach an agreement with President Donald Trump next week to avert U.S. plans to slap a 20% tariff on cars made in Europe.
Jean-Claude Juncker, president of the European Commission, is set to meet on July 25 with President Donald Trump. Juncker is looking for Trump’s assurance that the U.S. is open to negotiation with the EU before the bloc huddles to decide how to proceed, sources tell Bloomberg News.
Last year Europe sold about 1.14 million vehicles that had been exported to the U.S., most of them German brand luxury vehicles.
The EU current charges a 10% import tax on cars from the U.S., four times the levy collected by the U.S. on cars from Europe. Trump wants to equalize the tariffs and lower what he says are non-tariff barriers to U.S. companies. Several European carmakers have said they would favor eliminating all car tariffs in both directions.
Under World Trade Organization rules, the EU cannot reduce its tariff for U.S. vehicles unless it does the same for cars imported from all other WTO members. Another option would be to negotiates a separate bilateral trade agreement covering virtually all trade between the two blocs.
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