EU-US tariff agreement: ACEA supports de-escalation, awaits details of the deal
Brussels, 28 July – Responding to the announcement of a trade deal between the EU and the US, avoiding an escalation in damaging tariffs, Sigrid de Vries, Director General of the European Automobile Manufacturers’ Association (ACEA), stated:
“The agreement takes an important step towards easing the intense uncertainty surrounding transatlantic trade relations in recent months, and ACEA welcomes this development in principle. Nevertheless, the US will retain higher tariffs on automobiles and automotive parts, and this will continue to have a negative impact not just for industry in the EU but also in the US.”
At this stage, many elements of the agreement still need to be clarified. ACEA will closely examine the details as they become available and assess the implications for Europe’s vehicle manufacturing.
Looking forward, the EU and the US should focus on reducing obstacles to vital transatlantic automotive trade, paving the way for stronger economic ties and shared prosperity.
The EU and the US should focus on reducing obstacles to vital transatlantic automotive trade, paving the way for stronger economic ties and shared prosperity
About ACEA
- The European Automobile Manufacturers’ Association (ACEA) represents the 16 major Europe-based car, van, truck and bus makers: BMW Group, DAF Trucks, Daimler Truck, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, JLR, Mercedes-Benz, Nissan, Renault Group, Stellantis, Toyota Motor Europe, Volkswagen Group, and Volvo Group.
- Visit www.acea.auto for more information about ACEA, and follow us on https://www.x.com/ACEA_auto or http://www.linkedin.com/company/ACEA/
Contact:
- Ben Kennard, Head of Communications, bk@acea.auto, +32 (0) 2 738 73 17
- Camille Lamarque, Policy Communications Officer, cl@acea.auto, +32 (0) 2 738 73 16
About the EU automobile industry
- 13.2 million Europeans work in the automotive sector
- 10.3% of all manufacturing jobs in the EU
- €383.7 billion in tax revenue for European governments
- €106.7 billion trade surplus for the European Union
- Over 7.5% of EU GDP generated by the auto industry
- €72.8 billion in R&D spending annually, 33% of EU total
