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Report: EU Ponders Multinational Deal to Lower Tariffs
The European Union is exploring an idea that would reduce tariffs on cars shipped between the EU, Japan, South Korea and the U.S., diplomatic sources tell the Financial Times.
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The European Union is exploring an idea that would reduce tariffs on cars shipped between the EU, Japan, South Korea and the U.S., sources tell the Financial Times.
The concept, known as a plurilateral agreement, would apply only to a specified list of products traded among the participants. The lower tariffs would not necessarily be available to other countries.
Last month Germany’s big three carmakers reportedly suggested the EU drop its 10% tax on imported cars entirely. The U.S. currently taxes imported cars at 2.5% and pickup trucks, SUV/crossover vehicles and large vans at 25%.
The scheme being evaluated by the EU is seen as a way to address President Donald Trump’s complaints of unfair trade barriers on cars shipped from the U.S. Trump has threatened to levy a 20% tariff on vehicles imported from the EU—and 25% on cars from other countries—unless they lower their own import taxes and lift nontariff barriers.
FT says the EU has been seeking feedback the idea from several governments and may not pursue the plan. Nor is it clear which types of vehicles might be covered.
Jean-Claude Juncker, president of the European Commission, is schedule to meet with Trump later this month. The EC says Juncker hasn’t yet decided what he will discuss with Trump.
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