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US Tariffs Threaten European Auto and Steel Industries
Potential US tariffs threaten to devastate the European automotive and steel industries, adding to existing challenges like job losses from the EV transition.
English
United States
EconomyEuropean UnionLabour MarketTradeInternational TradeTariffsAutomotiveSteel
Association Of The German Automotive Industry (Vda)European Steel Association (Eurofer)Volkswagen
Simon SchuetzAxel EggerDonald TrumpJoe BidenUrsula Von Der Leyen
- Which industries are most vulnerable to potential new US tariffs?
- The automotive and steel industries are expected to be the most significantly impacted by potential new US tariffs. The unresolved issue of steel and aluminum tariffs from the previous administration further complicates the situation.
- What are the major industry associations' responses to the potential tariffs?
- The Association of the German Automotive Industry (VDA) and the European Steel Association (EUROFER) are urging for dialogue and negotiation to prevent the imposition of new tariffs and to resolve existing trade conflicts.
- What is the potential impact of Donald Trump's tariff threats on EU economic growth?
- If Donald Trump implements his threatened 10% tariff on European products, it could severely damage EU economic growth. The resulting trade conflict would likely involve retaliatory measures from the EU.
- How many jobs are projected to be lost in the European automotive industry in the next decade?
- A recent study predicts the loss of 186,000 jobs in the European automotive industry within the next decade, primarily due to the transition to electric vehicle production.
- What additional challenges does the German automotive industry face beyond the potential US tariffs?
- The German automotive industry is already facing challenges, including plant closures and job losses related to the shift towards electric vehicles. The potential imposition of tariffs exacerbates these existing difficulties.