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German Carmakers, Trump Administration to Meet Next Week
Top executives from BMW, Daimler and Volkswagen are expected to discuss trade policy with the Trump administration next week, perhaps on Tuesday.
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Top executives from BMW, Daimler and Volkswagen are expected to discuss trade policy with the Trump administration next week, perhaps on Tuesday.
The meeting reportedly will include BMW production chief Oliver Zipse, Daimler CEO Dieter Zetsche and VW CEO Herbert Diess. Sources tell Reuters they will meet with Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
Earlier reports indicated that the carmakers will emphasize that they cannot negotiate European Union trade policy. But they are keen to avoid the 20%-25% import tariffs President Donald Trump has threatened to impose on European vehicles unless the EU—and Germany in particular—take steps to reduce their trade surpluses with the U.S.
In June, the German carmakers and Volvo proposed that the EU drop its 10% tariff on imported cars. In July, Trump suggested that the EU and U.S. drop all tariffs, barriers and subsidies affecting trade between them. The U.S. currently taxes foreign-made vehicles at a rate of 2.5% for cars and 25% for pickup trucks.
But a month later Trump rejected the EU’s offer to eliminate its car tariff as “not good enough,” suggesting that Europeans would continue to prefer European cars anyway.
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