EU faces off against Trump's car tariff hike
On Wednesday, European Commission President Ursula von der Leyen announced that the EU will evaluate Donald Trump's 25% tariff on all imported cars. "Tariffs are taxes—bad for businesses, worse for consumers," she remarked.
In a statement issued on Wednesday evening, von der Leyen expressed deep regret over the U.S. decision to impose tariffs on European automotive exports.
New US tariffs: The union announces reaction
The head of the EC emphasized that the automotive industry is a "driver of innovation, competitiveness and high-quality jobs, with deeply integrated supply chains on both sides of the Atlantic."
I have mentioned this before. Tariffs are taxes – bad for businesses, worse for consumers, both in the USA and in the European Union, she assessed.
Von der Leyen announced that the EU will now assess the American administration's decision alongside its earlier tariff announcements on other EU products. She also assured that the Union will continue to seek solutions through negotiations while protecting its economic interests.
"The EU will continue to seek negotiated solutions, while safeguarding its economic interests. As a major trading power and a strong community of 27 Member States, we will jointly protect our workers, businesses and consumers across our European Union," she stated.
On Wednesday, Trump announced that he would impose a 25% tariff on all imported cars and signed an order. The previous rate was 2.5%.
According to Trump, the tariffs are expected to bring $100 billion to the budget.
