US tariffs deal with EU finalised
The European Automobile Manufacturers Association (ACEA) has welcomed confirmation that US tariffs on cars and parts from Europe will be set at 15%.
The deal was originally agreed in July and has now been finalised in a joint statement issued by the US and EU.
The agreement is contingent on the EU initiating tariff cuts on selected US goods.
The ACEA said: “The European Automobile Manufacturers’ Association welcomes the joint EU-US statement providing additional clarity on the recent trade deal agreed in principle between the two sides. In particular, ACEA is encouraged by the confirmation that the United States will reduce its tariffs on imports of EU automobiles from 27.5% to 15%.
“This confirmation is a positive step that provides greater certainty for our industry. It is now crucial that the Commission proceeds to implement the EU’s commitments without delay, mitigating the tariff impact which already has cost automakers millions of euros in duties every day.
“At the same time, some technical details of the agreement remain to be clarified. ACEA will closely examine these once available to ensure that the deal delivers the intended benefits for the European automotive sector.”
