European car manufacturers have been granted a welcome reprieve as US tariffs placed on them will be reduced to 15 percent, with the measure being retroactively applied from August 1. This news comes three weeks after a new trade agreement was reached between the United States and European Union in late July.
Prior to President Donald Trump returning to the Oval Office, EU tariffs had been pegged at just 2.5 percent. However, car manufacturers have recently been hit with 27.5 percent tariffs and prior to last month’s deal, Trump had threatened sweeping 30 percent tariffs across most major industries.
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