Mexican Media Brands
UPDATE: U.S. Could Drop Car Tariffs if EU Does the Same
The Trump administration would be willing to eliminate all import duties on cars made in Europe if the EU does the same for U.S.-produced vehicles, Reuters reports.
#economics
Share
The Trump administration would be willing to eliminate all import duties on cars made in Europe if the EU does the same for U.S.-produced vehicles, Reuters reports.
Richard Grenell, the U.S. ambassador to Germany, signaled the possible deal in a meeting on Tuesday with executives from BMW, Daimler and Volkswagen on Tuesday, an industry source tells Reuters.
The carmakers met with Grenell in hopes of establishing a direct link with the White House and averting a trade war they say would cause “irreparable” damage to global trade, according to multiple reports. They said earlier that they favor the EU dropping its 10% tax on imported vehicles from the U.S., which levies a 2.5% tariff on imported cars and 25% on trucks and SUVs.
President Donald Trump is threatening to levy a 20% tax on all vehicles imported from the EU, beginning as soon as four weeks from now. Analysts note that he appears unmoved by pleas from a long list of foreign and domestic carmakers about the negative repercussions they say would result.
But World Trade Organization rules would require the EU to reduce its levy equally for all WTO members, not just on U.S. products. Germany Chancellor Angela Merkel underscored that point earlier today and said she would support EU-wide talks to lower its tariffs.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.