JAKARTA After months of tough negotiations, the United States and the European Union have finally reached a significant trade agreement that will cut import rates on various types of goods, including new cars. This agreement follows a similar agreement just signed by the US with Japan, indicating a major shift in the global trade landscape.
In a meeting between US President Donald Trump and European Commission President Ursula von der Leyen in Scotland, it was agreed that import rates in most European goods would drop to 15 percent. This figure represents a drastic drop from the previous tariff of 25 percent which has been in effect since last April.
The drop in tariffs, reported today from Reuters, Autonews, The Guardian, and a number of other international media was welcomed by many parties, especially the European automotive industry, which was previously under pressure from the threat of high tariffs. Now, European car brands can breathe a sigh of relief at lower import fees to the US market.
"This is a very interesting negotiation. I think this will be very good for both sides," Trump said, quoted by Reuters, Autonews, and a number of other international media.
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On the other hand, for Japanese automotive manufacturers such as Toyota and Honda, deals with the US a few days earlier had lowered their vehicle import rates to 15 percent, giving them competitive advantages. However, brands like VW, which are part of the European automotive industry, the challenges and impacts of previous tariff fluctuations have already been felt.
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