Braking Barriers: EU-U.S. Tariff Cuts on the Fast Track
The VDA urges the U.S. to promptly decrease tariffs on EU auto imports to 15% from 27.5% by August 1, following EU's steps to eliminate duties on U.S. goods. This move is deemed crucial for easing financial strains on the automotive industry by enhancing trade conditions.
- Country:
- Germany
The German auto industry association, VDA, has called on the U.S. government to swiftly reduce tariffs on European Union auto imports. The recommended reduction is from 27.5% to 15% by August 1, following legislative actions by the EU to eliminate tariffs on U.S. goods.
Hildegard Mueller, president of VDA, emphasized the urgency of the matter for the automotive sector. She noted that the current elevated tariffs pose significant financial challenges for the industry.
The proposed tariff adjustments are expected to provide much-needed relief and boost trade activities between the U.S. and the EU, ultimately helping to stabilize and support the automotive industry's financial health.
(With inputs from agencies.)
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