Milan, 25 September (LaPresse/AP) – European car manufacturers will save around €500-600 million per month after the Trump administration implemented the US part of the trade agreement with the European Union. The change, in effect since 1 August, reduces customs tariffs on most EU goods from 27.5% to 15%. This was announced by European Commission Trade Commissioner Maros Sefcovic ahead of a meeting with Southeast Asian trade ministers in Kuala Lumpur, Malaysia. The tariff reduction significantly eases the burden on EU car manufacturers and is a key strength of the agreement. However, the 15% rate remains higher than pre-Trump levels, drawing criticism from business associations and some members of the European Parliament. Sefcovic said, however, that it was the “best possible agreement” after difficult negotiations with Trump administration officials. “Any other alternative would have been much worse,” he added. During the negotiations, Trump threatened to apply even higher tariffs.
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