President Trump’s prices presented the automotive industry when the administration first announced them in April. Trump’s suggestion was that the United States would see a 25 % duty in auto and auto parts imports, which were already present. At the end of the week, the Trump administration and the European Union announced an agreement in which revenue from EU countries reduced to 15 percent in exchange for investment promises.
Automoto News According to reports, the agreement is in force on August 1, though it does not cover the 50 % tariff previously announced on steel and aluminum. It follows similar agreements that the Trump administration has done with other agencies. Last week, Trump announced an agreement with Japan for 15 % of automotive imports, while a few months ago, the administration signed a contract with the UK up to 10,000, with 100,000 cars. All these taxes replace the current 2.5 % of import duties on import of vehicles to the United States. The European Union also agreed to eliminate revenue on US -built vehicles.
Automatic makers have collectively lost billions of taxes, and duties have already been renovated to the car market in the United States. Japanese car makers’ stocks increased on news of a trade deal last week, but as New York Times Notifications, stock prices for European car equipment sank after a short rise. This is only partial relief for European car makers, who have also been defeated by a rigorous regulatory environment in the European Union, when EV growth has decreased, and Chinese car makers need to invest in electricity at the height.
It all hurts, perhaps the irony is that the American car maker. A Lobby of the American Big Three said last week after the Japanese contract announced that Stellats, Ford, and GM are now “certainly at a loss.” They still face 25 % duty on cars manufactured in Mexico and Canada, and they use 25 % on many auto parts coming from these countries, in addition to US collective cars. Add 50 % tariff on steel and aluminum and it is evident that caring in the United States is not just a competitive benefit in the landscape.
