European Industry Calls for Urgent Tariff Renegotiation
Germany's VDMA industrial group criticized EU's proposal to exempt some U.S. products from tariffs, calling it unfair. They argue it would harm European machinery manufacturers. VDMA demands renegotiation to exclude mechanical engineering products from tariffs to prevent job losses and competitive disadvantages.
- Country:
- Germany
Germany's VDMA, a prominent lobby for machinery and equipment manufacturers, has expressed strong opposition to the European Union's proposed tariff exemption for certain U.S. products, labeling it as 'a direct slap in the face.'
The proposal, unveiled on Thursday, suggests removing import duties on American industrial goods in exchange for lower U.S. tariffs on European automobiles—a move VDMA argues is unbalanced.
The organization, representing around 3,600 firms, emphasizes the potential for job losses and calls for the EU Commission to renegotiate to permanently exclude mechanical engineering products from sectoral tariffs.
(With inputs from agencies.)
Advertisement
Google News