financetom
Business
financetom
/
Business
/
Trump order lowering tariffs on EU autos still days away, source says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump order lowering tariffs on EU autos still days away, source says
Aug 6, 2025 10:26 AM

BRUSSELS (Reuters) -The European Union will likely have to wait a few more days for an executive order by U.S. President Donald Trump lowering tariffs on imports of European cars and car parts, a source familiar with the EU-U.S. negotiations said.

It means U.S. consumers will continue to see tariffs of 27.5% applied to the imports of cars including German-made BMW and Mercedes-Benz vehicles and Swedish-made Volvos, the source said, rather than the 15% rate Trump and European Commission President Ursula von der Leyen agreed in Scotland.

The rate will only come down once Trump issues a legally binding executive order.

White House officials did not immediately respond to a request for comment.

Trump on July 31 issued an executive order setting the EU's baseline tariff at 15%, but the order did not cover goods facing so-called Section 232 investigations, including autos, pharmaceuticals, semiconductors, wine and spirits and steel and aluminium.

The baseline tariff comes into effect on August 7 at 12:01 a.m. EDT (0401 GMT) with an exemption for goods already in transit or warehoused until Oct. 5.

The EU-U.S. framework trade agreement will be implemented in stages through White House executive orders followed by a legally non-binding joint statement, which a senior EU official on Tuesday said was at an "advanced" stage.

Under the terms of the agreement, a 15% levy will be applied to EU pharmaceuticals and semiconductors, U.S. officials say. EU officials say 15% is a ceiling and that the rate could be lower pending the outcome of the Section 232 investigations.

EU and U.S. officials are still negotiating a final list of products that would have either a zero-for-zero duty or a significantly lower most-favoured nation rate. The EU wants low or zero rates on spirits, wines, some chemicals and medical devices.

In the interim, spirits and wines will see duties rise to 15%.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Ferrari beats estimates with 5% core earnings rise in third quarter
Ferrari beats estimates with 5% core earnings rise in third quarter
Nov 4, 2025
MILAN (Reuters) -Luxury sports-car maker Ferrari said on Tuesday its core earnings rose 5% in the third quarter, above expectations, thanks to a strong pricing power supported by models such as the SF90 XX and 12Cilindri, as well as increased personalisations. The Italian company said its earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 670 million euros ($781...
Gunvor CEO Tornqvist: Lukoil assets won't be sold back, Bloomberg News reports
Gunvor CEO Tornqvist: Lukoil assets won't be sold back, Bloomberg News reports
Nov 4, 2025
Nov 4 (Reuters) - Commodities trader Gunvor Group is prepared to satisfy any concerns about continued Russian influence over assets it is buying from Russia's Lukoil , CEO Torbjorn Tornqvist has told Bloomberg News. Last week, Lukoil said it had accepted an offer from Gunvor to buy its foreign assets, which it is selling after U.S. sanctions were imposed on...
Canadian pet food retailer Pet Valu posts higher Q3 revenue, profit
Canadian pet food retailer Pet Valu posts higher Q3 revenue, profit
Nov 4, 2025
Overview * Pet Valu ( PTVLF ) Q3 revenue rises 4.9% yr/yr, driven by retail and franchise sales * Net income for Q3 increases 7.4% yr/yr, reflecting higher operating income * Adjusted EBITDA for Q3 declines 1.5% yr/yr due to higher SG&A expenses Outlook * Company expects 2025 revenue between C$1.175 bln and C$1.185 bln * Pet Valu ( PTVLF...
Norwegian Cruise Line Q3 profit beats on strong demand
Norwegian Cruise Line Q3 profit beats on strong demand
Nov 4, 2025
Overview * Norwegian Q3 revenue rises 5% yr/yr to $2.9 bln, misses analyst expectations * Adjusted EPS for Q3 beats analyst expectations, rising 17% yr/yr * Company reduces shares outstanding by 7.5%, strengthens capital structure Outlook * Norwegian raises 2025 full-year adjusted EPS guidance to $2.10 from $2.05 * Company maintains 2025 adjusted EBITDA guidance at approximately $2.72 bln *...
Copyright 2023-2026 - www.financetom.com All Rights Reserved