Latest news with #HildegardMueller
Epoch Times
6 hours ago
- Automotive
- Epoch Times
New Transatlantic Trade Deal ‘Burdens' German Auto Industry, Warns Group
Germany's car industry has said that the new EU–U.S. trade deal will 'burden' automakers with billions in extra costs. The 15 percent U.S. tariff on European car imports will hit hard, warned Hildegard Mueller, president of Germany's main auto industry group, the VDA, adding to the woes of Europe's industrial powerhouse, which is already creaking under serious strain.
New Straits Times
a day ago
- Automotive
- New Straits Times
Tariff in EU-US deal 'burdens' German carmakers: industry group
FRANKFURT: The 15 per cent tariff that the United States will apply to exports of cars from the European Union as part of a new deal "burdens" Germany's carmakers, an industry group said on Monday. "The US tariff rate of 15 per cent, which also applies to automotive products, will cost German automotive companies billions annually and burdens them," said Hildegard Mueller, president of Germany's main auto industry group, the VDA. US President Donald Trump and European Commission President Ursula von der Leyen clinched a deal late Sunday that includes a baseline US tariff of 15 per cent in a bid to avert a full-blown trade war. The new rate is lower than the 25 per cent tariff Trump slapped on carmakers in April, but significantly higher than the usual 2.5 per cent duty that was applied prior. "Important now is how the agreement looks in concrete terms and how reliable it is," Mueller said. The EU-US deal has so far received a muted reaction in Europe. While German Chancellor Friedrich Merz hailed the deal, saying it avoided "needless escalation in transatlantic trade relations", EU chief von der Leyen acknowledged that "Fifteen per cent is not to be underestimated, but it is the best we could get." France's minister for Europe, Benjamin Haddad, said on Monday the agreement was "unbalanced" and Germany's BDI business federation said the accord would have "considerable negative repercussions."
Reuters
20-06-2025
- Automotive
- Reuters
German car manufacturers incurred costs of half a billion euros in April due to tariffs, says VDA
BERLIN, June 20 (Reuters) - German car manufacturers are likely to have incurred costs of around half a billion euros in April due to import tariffs imposed by U.S. President Donald Trump, the head of the VDA auto industry lobby group said an interview published on Friday. "We have roughly estimated that German manufacturers probably incurred additional costs of around half a billion euros in their export business from Germany to the USA in April," Hildegard Mueller told the Funke media group.
Yahoo
20-06-2025
- Automotive
- Yahoo
German car manufacturers incurred costs of half a billion euros in April due to tariffs, says VDA
BERLIN (Reuters) -German car manufacturers are likely to have incurred costs of around half a billion euros in April due to import tariffs imposed by U.S. President Donald Trump, the head of the VDA auto industry lobby group said an interview published on Friday. "We have roughly estimated that German manufacturers probably incurred additional costs of around half a billion euros in their export business from Germany to the USA in April," Hildegard Mueller told the Funke media group. (Writing by Friederike Heine, Editing by Miranda Murray)
Independent Singapore
04-06-2025
- Automotive
- Independent Singapore
Global carmakers panic as China tightens grip on critical minerals; Trump-Xi showdown looms amid trade war tensions
INTERNATIONAL: Global car manufacturers, including industry titans from Germany, India, and Japan, upstretched red flags this week over China's intensifying control on rare earth mineral exports. According to the latest Reuters report, the restrictions, which now cover rare earth alloys, concoctions, and magnets essential to electric vehicles (EVs) and other advanced manufacturing, have sent tremors through global supply chains. German auto makers joined the clamour on Tuesday, warning of impending production interruptions and economic distraction if the circumstances aren't resolved quickly. 'If the situation is not changed quickly, production delays and even production outages can no longer be ruled out,' said Hildegard Mueller, president of Germany's automotive industry association. The same apprehensions were brought up earlier by Indian EV maker Bajaj Auto, stressing the international scale of the consequence. China's mineral move seen as trade leverage The export restrictions, which came out in April, are generally seen as part of China's tactical play in its continuing trade conflict with the U.S. Under former President Donald Trump, the U.S. levied antagonistic tariffs on Chinese products to rearrange the economic equilibrium. China's reaction, blocking a resource stream central to sectors from automotive to defence, highlights Beijing's influence in the international essential mineral market. See also It's Biden vs rest of Democrats in 1st 2020 debate clash Trump, who is purportedly formulating a new round of trade meetings with Chinese President Xi Jinping, has accused China of breaching international trade standards. 'The administration is actively monitoring China's compliance with the Geneva trade agreement,' said White House spokesperson Karoline Leavitt on Tuesday. Export bottlenecks disrupt global supply chains Since April, deliveries of rare earth magnets have been stuck at Chinese harbours. The interruptions, ascribed to sluggish licensing procedures, have kindled apprehension in capitals from Tokyo to Washington. Attempts are now on track to alleviate the impasse. Emissaries and influential businessmen from the European Union, Japan, and India have appealed for emergency consultations with the Chinese people in power. Japan is sending a business team to Beijing in early June, and India is preparing for a similar visit for car officials within the coming weeks. Automakers urge Washington to act Prominent auto manufacturers, such as General Motors, Volkswagen, Toyota, and Hyundai, recently requested that the U.S. government caution that the scarcity of rare earth magnets could weaken, if not paralyse, their capacity to produce vital equipment. In a letter to U.S. trade bureaucrats, the Alliance for Automotive Innovation wrote, 'Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components,' alluding to everything from transmissions and radars to power navigation systems and onboard microchip technology. Frank Fannon, an ex-U.S. State Department official and minerals advisor, cautioned that the predicament has been long in the making. 'We have a production challenge in the U.S.,' Fannon said. 'The time horizon to fix this was yesterday.'
