FRANKFURT (Reuters) -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.

"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.