The EU is deeply disappointed that Trump will now impose a 25 percent tariff on all foreign cars in the US. However, there is no clear response to the American move.
Cars imported to the United States could soon become significantly more expensive. In fact, as much as 25 percent.
US President Donald Trump announced on Wednesday night Danish time that he will impose tariffs on cars – including those from the EU.
This is stated in a press release from the White House. Automakers with existing production facilities in the US will be exempt from the new tariffs.
– This is the beginning of Liberation Day in the United States.
"We will take back the money that has been taken from us over the years by imposing tariffs on the countries that have stolen our jobs, our prosperity and much more," Trump said during a press conference.
According to the president's announcement, the new tariff rate will take effect on April 2.
In addition to cars, Trump repeated his previous threat to impose tariffs on foreign pharmaceutical products.
"There will also be tariffs on pharmaceutical products," the president said, without elaborating further.
The EU's announcement of tariffs on cars has already sparked a reaction. Ursula von der Leyen, the president of the European Commission, announced in a press release that they will now evaluate the possible consequences of the new tariff rate.
"As I have said before, tariffs are taxes – they are harmful for businesses and even worse for consumers, both in the US and in the EU," von der Leyen said.
The EU will now conduct a thorough analysis of Trump's announcement on the car tariffs and the other proposed measures and assess the potential economic consequences.
Von der Leyen emphasized that the EU will continue to work to achieve negotiated solutions, while at the same time protecting its economic interests.
However, the EU is already tightening its own rules. Not for the US, but for drivers in its own member states. Read more about it here.
