The European Union exported more motor vehicles to the US in 2023 than the other way around. According to data from Eurostat, the value of export from the vehicle to the United States was a good 41 billion euros, but only vehicles worth just over nine billion euros were imported from the US.
An increase in the import duties of the US for car products would therefore be relatively difficult to touch the European car industry.
Currently higher rates for cars on their way to the US.
According to the announcement of rates on steel and aluminum import, President Donald Trump lifted or further arrangements yesterday. Customs will soon be followed by rates. On the way to the US, the rates of 2.5 percent are currently due to vehicles, but ten percent on their way to Europe, as the US government criticizes.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
