Donald Trump announced a sharp escalation of trade policy towards the European Union, announcing an increase in tariffs on cars and trucks imported from the EU to 25%. According to him, this decision is due to the fact that the European Union allegedly failed to fulfill the terms of a previously agreed trade agreement with the US.
As reported by Bloomberg, the US president said that the new tariffs would come into effect next week. In a post on social networks, he specified that the tariff rate would be 25% for all cars and trucks supplied from the EU to the United States.
At the same time, Donald Trump emphasized that the new tariffs would not apply to vehicles manufactured directly in the US. This means stimulating local production and additional pressure on imported supplies.
The decision could significantly affect the European auto industry. In particular, supplies of brands such as Stellantis, which imports Alfa Romeo, Fiat and Maserati models to the US, are under threat. After Trump's statement, the company's shares in the US market fell by 3.6%.
At the same time, some European automakers have production facilities directly in the US. Among them are Volkswagen, Mercedes-Benz Group and BMW, which partially reduces their dependence on import tariffs.
Bloomberg notes that the new statements of the US president actually renew the tense trade dispute between the US and the large economic bloc. This is happening against the background of global instability caused by rising energy prices due to the conflict in Iran.
As part of previous agreements, the European Union agreed to abolish tariffs on industrial goods from the US in exchange for setting a 15% tariff limit on most European goods. However, as Trump stated, Washington believes that Brussels has not fulfilled its part of the agreement.
The US side has not provided any official explanations regarding specific violations by the EU. At the same time, it is known that after reaching an agreement in July, EU lawmakers did not complete ratification of the agreement due to the need to make additional changes.
Among the key problems remain tariffs on metals. In August, the US expanded the 50% tariff on steel and aluminum, adding hundreds of new product lines to it. This led to accusations from the EU of violating previous agreements and created difficulties for businesses in determining the final tariffs.
After all, both sides have recently declared their readiness to return to negotiating a trade agreement. According to Bloomberg, the US even agreed to review the mechanism for calculating the expanded tariffs on metals, but Donald Trump's new statements are again complicating the negotiation process.
e-finance.com.ua
