Germany in Favor of Reducing Tariffs on US Car Imports
$VLKAY, $BMWYY, $DDAIF
German automobile executives have proposed ending the European Union’s 10 percent tax on American-made cars.
US Ambassador to Germany Richard Grenell has reportedly met with chief executives from Volkswagen, BMW and Daimler, who pitched him the idea as part of a broader deal on industrial goods, which the German government supports.
“It is important to stay focused on American jobs, and the German auto industry employs tens of thousands of US workers,” Amb. Grenell told reporters.
“Germany has the right approach to resolving this trade disagreement among friends,” US Commerce Secretary Wilbur Ross told the WS-J. “If the EU were to reduce its 10% tariff on US cars and trucks, that would be a positive 1st step toward trade that was more fair and reciprocal.”
However, the US would then be expected to scrap its own 25% tax on imported light trucks, including pickups, SUVs, and vans. Secretary Ross did not comment on whether the US would end its tax on truck imports.
Another potential problem is the European Commission, the EU’s executive body, which issued a statement refusing to discuss trade with the US until the ES is “granted a permanent exemption on the tariffs on steel and aluminum products” proposed by President Donald Trump.
Germany is “absolutely in favor of reducing tariffs in certain areas like car imports, but we have to support a common EU position. Paris is still holding a hard line on this.”
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