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EU Says It Reserves All Options in Response to US Auto Tariff Threat
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US President Donald Trump said on Friday (2nd) on social media platform Truth Social that the European Union had failed to comply with the trade agreement and announced that tariffs on European cars and trucks would be raised to 25% starting this week. The European Commission said it is assessing the measures and will reserve all options. A spokesperson for the European Commission said the EU is implementing the relevant trade agreement in accordance with standard legislative procedures and has consistently kept the US fully informed of all developments. According to Reuters, the Kiel Institute for the World Economy said that additional US tariffs on EU cars and trucks could result in a loss of nearly EUR15 billion (approximately USD17.58 billion) in Germany's gross domestic product, with long-term output losses potentially reaching around EUR30 billion. An economist at the institute said Germany's already sluggish economic growth would be severely hit. The institute currently forecasts Germany's economy to grow by 0.8% this year. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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