US EditionEU official: Automakers to save 500-600 million euros as trade deal with US takes effect
The tariff cut to 15% on EU autos, retroactive to August 1, will save European automakers approximately €500-600 million monthly, while South Korean tariffs remain at 25%.
- On Sep 24, President Donald Trump's administration formally implemented the U.S.-EU trade agreement, confirming a 15% duty on most EU autos from Aug. 1 with exemptions for pharmaceuticals and aircraft.
- After difficult negotiations, EU leaders framed the deal as the best available option, with European Commission officials saying the 15% tariff eases automaker burdens despite criticism from business groups.
- Data show automakers stand to save roughly 500-600 million euros monthly, and shares in Porsche rose about 2.2%, while BMW and Mercedes-Benz gained 1.4% and 1.1% respectively.
- For EU autos and auto parts, the rate fell from 25% to 15% effective August 1, and the Federal Register aligns this with the U.S. executive order on reciprocal tariffs and Section 232 national security duties.
- That reduction represents a rollback from a previously set 27.5% level, but Oliver Blume, CEO of Volkswagen, warned last week the August tariff cut still depends on talks.
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61 Articles
EU reveals tariff deal with Trump will save its automakers up to $700 million a month
European automakers will save around 500-600 million euros ($585-700 million) a month dating back to Aug. 1 after the Trump administration implemented the U.S. end of its trade deal with the European Union, the EU’s top trade negotiator said Thursday. Trade Commissioner Maros Sefcovic said that the deal establishing a 15% tariff on most EU goods took effect with publication in the U.S. Federal Register instructing customs officials what to charg…
Game-Changing EU-US Trade Deal Eases Auto Tariff Burden
European automakers are set to save 500-600 million euros monthly following the U.S. implementation of a trade deal with the EU. The agreement reduces tariffs on EU goods from 27.5% to 15%, retroactive to August, providing significant relief for the automotive sector despite some criticism.
Associated Press News
EU official: Automakers to save 500-600 million euros as trade deal with US takes effect
European automakers are set to save around 500-600 million euros each month after the Trump administration implemented the U.S. end of its trade deal with the European Union.
The trade agreement between the US and the EU is finalized. All details are clarified, it is said from the US. The tariffs on cars fall retroactively.
Washington is pleased with the implementation of the agreement in Brussels, which is why import tariffs for European cars are to be reduced – retroactively. Dallas has a deadly attack on an ICE branch.
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