INTERNATIONAL
Washington must swiftly cut auto tariffs after EU paves way, German car lobby says
Germany's auto industry faces major financial strain and urges swift government relief to ease mounting economic pressures. - Astro AWANI
FRANKFURT: Washington must swiftly honour an agreement with Brussels and cut tariffs on EU auto imports to 15% from 27.5% as of August 1 after the EU started the legislative process to remove duties on U.S. goods, Germany's auto industry association VDA said.
AI Brief
"For the automotive industry, the current high additional burdens mean considerable financial losses. Therefore, time is of the essence in providing rapid relief for companies in this area," VDA president Hildegard Mueller said on Friday.
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AI Brief
- Germany's automotive sector is suffering significant financial losses due to current burdens.
- VDA president Hildegard Mueller calls for urgent government relief to support affected companies.
- The industry warns that delays in action could worsen the economic impact.
"For the automotive industry, the current high additional burdens mean considerable financial losses. Therefore, time is of the essence in providing rapid relief for companies in this area," VDA president Hildegard Mueller said on Friday.