European automakers decry Trump's auto tariffs that will 'punish consumers'

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European automakers decry Trump's auto tariffs that will 'punish consumers' - Business Standard

Quick Summary:

European automakers, already struggling with tepid economic growth at home and rising competition from China, on Thursday decried the US import tax on cars as a heavy burden that will punish consumers and companies alike on both sides of the Atlantic.

The new 25 per cent import tax announced by President Donald Trump on Wednesday will hurt global automakers and US manufacturing at the same time," the European Automobile Manufacturers' association said in a statement.

The head of Germany's auto industry association, VDA, said the tariffs would weigh on car makers and every company in the deeply interwoven global supply chain "with negative consequences above all for consumers, including in North America.