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Reuters
07-07-2025
- Business
- Reuters
EU avoids US tariff letter, eyes concessions, EU sources say
BRUSSELS, July 7 (Reuters) - The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.S. baseline levy of 10%. U.S. President Donald Trump began informing, in a wave of letters, a range of trading partners from Japan to Myanmar of sharply higher tariffs on goods they sell into the United States starting August 1. Some EU sources said the bloc was close to an agreement with the Trump administration. This could involve limited concessions to U.S. baseline tariffs of 10% for aircraft and parts, some medical equipment and spirits in an eventual deal with the Trump administration, three sources familiar with the situation said on Monday. Two sources also said that the EU was looking into an arrangement that would allow EU automakers that produce and export cars from the United States to import more EU vehicles at tariff rates below the current 25%. Such an arrangement would benefit German carmakers that have large U.S. plants. The European Commission, which had aimed for a balanced and broader trade agreement with the United States, briefed EU envoys late on Monday that EU countries faced a choice between accepting an unbalanced deal or facing more uncertainty. The Commission also said that there were no guarantees that the Trump administration would not impose further tariffs or demand further concessions. The EU currently faces 50% U.S. tariffs on its steel and aluminium exports, 25% on cars and car parts and 10% on most other products. The U.S. is also looking into further tariffs on pharmaceuticals and semiconductors.
Yahoo
07-07-2025
- Business
- Yahoo
EU avoids US tariff letter, eyes concessions, EU sources say
BRUSSELS (Reuters) -The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.S. baseline levy of 10%. U.S. President Donald Trump began informing, in a wave of letters, a range of trading partners from Japan to Myanmar of sharply higher tariffs on goods they sell into the United States starting August 1. Some EU sources said the bloc was close to an agreement with the Trump administration. This could involve limited concessions to U.S. baseline tariffs of 10% for aircraft and parts, some medical equipment and spirits in an eventual deal with the Trump administration, three sources familiar with the situation said on Monday. Two sources also said that the EU was looking into an arrangement that would allow EU automakers that produce and export cars from the United States to import more EU vehicles at tariff rates below the current 25%. Such an arrangement would benefit German carmakers that have large U.S. plants. The European Commission, which had aimed for a balanced and broader trade agreement with the United States, briefed EU envoys late on Monday that EU countries faced a choice between accepting an unbalanced deal or facing more uncertainty. The Commission also said that there were no guarantees that the Trump administration would not impose further tariffs or demand further concessions. The EU currently faces 50% U.S. tariffs on its steel and aluminium exports, 25% on cars and car parts and 10% on most other products. The U.S. is also looking into further tariffs on pharmaceuticals and semiconductors. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CTV News
20-06-2025
- Automotive
- CTV News
Audi could build plant in U.S. to placate Trump, Spiegel reports
BERLIN — Volkswagen's premium brand Audi could build a plant at a new location in the United States under scenarios being considered to placate President Donald Trump in the tariff conflict, the Spiegel news magazine reported on Friday. Audi is considering building a plant in the southern U.S., which would be the more expensive option out of a number of scenarios being considered, with company sources estimating costs of up to 4 billion euros (US$4.6 billion), the report said. An Audi spokesperson said that the company aims to build up more of a presence in the United States. 'We are currently examining various scenarios for this. We are confident that we will make a decision this year in consultation with the (Volkswagen) group on how this will look in concrete terms,' she said in an emailed statement, reaffirming earlier comments made by the company. Audi has no production of its own in the U.S., but Volkswagen has a plant in Chattanooga, Tennessee and one under construction near Columbia, South Carolina. Trump's announcement of sweeping tariffs has already racked up hundreds of millions of euros in costs for German carmakers heavily reliant on their export business, according to an industry representative. BMW, Mercedes-Benz and Volkswagen are in talks with Washington over a possible import tariff deal, seeking to use their U.S. investments and exports as leverage to soften any blow, sources have told Reuters. ($1 = 0.8678 euros) --- Reporting by Rachel More, editing by Friederike Heine and Thomas Seythal
