Volvo CEO Voices Concern Over US Tariff Hike Impact
Volvo Cars may face challenges importing smaller vehicles to the U.S. due to potential 50% tariffs on EU goods, announced by President Trump. CEO Hakan Samuelsson expresses concern but remains optimistic about a favorable trade agreement. Volvo shares fell by 5% following the announcement.
Volvo Cars CEO Hakan Samuelsson expressed concern on Friday regarding the financial impact customers might bear due to tariff-related cost hikes. He warned of potential difficulties in importing smaller cars to the United States if tariffs are imposed.
President Donald Trump announced a proposed 50% tariff on European Union imports from June 1, citing challenges in EU trade negotiations. Samuelsson told Reuters that this might restrict sales of Volvo's Belgium-made EX30 electric vehicle in the U.S. market.
Despite the tariff threat, Samuelsson is hopeful of a resolution, stating, "I believe there will be a deal soon." Meanwhile, Volvo shares fell by 5% by 1257 GMT.
(With inputs from agencies.)
- READ MORE ON:
- Volvo
- tariff
- EX30
- electric vehicle
- Trump
- EU
- trade
- Shares
- Samuelsson
- import
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