News Formal

Trump's Tariff Threats Pose Risk to German Auto Industry

  • 📰 NBCNewYork
  • ⏱ Reading Time:
  • 48 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 39%
  • Publisher: 63%

Business News

Tariffs,Automotive Industry,Germany

President-elect Donald Trump's plan to impose tariffs on all goods entering the U.S. could significantly impact German carmakers, who are already facing challenges. Trump's statements about targeting Germany's auto industry and imposing tariffs on China, Canada, and Mexico raise concerns for European automakers, particularly Germany, which is a major exporter of vehicles to the U.S.

President-elect Donald Trump's pledge to impose a blanket tariff on all goods coming into the U.S. could wreak havoc for European carmakers.

PDD's Temu app tops U.S. iOS downloads for second year running amid greater scrutiny of China companies Germany is by far Europe's largest exporter of passenger cars to the U.S., accounting for 23 billion euros worth of exports last year, according to data compiled by statistics agency Eurostat and ING Research. That represents 15% of Germany's total exports to the U.S.

"It was rhetoric on the campaign trail but there is going to be some pressure on imports, whether that would be through a tariff, or some sort of other unilateral action," Michael Robinet, executive director of automotive consulting at S&P Global Mobility, told CNBC via video call. BMW, which declined to comment on the prospect of Trump's tariff threats, has a nationwide footprint of roughly 30 locations across 12 U.S. states, including the largest single BMW production facility in the world in Spartanburg, South Carolina.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 270. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump's Tariff Threat Looms Over German Auto IndustryDonald Trump's proposed tariffs on imported goods could severely impact the German auto industry, which is already facing challenges.
Source: nbcsandiego - 🏆 524. / 51 Read more »