US tariffs will hurt both automakers and US manufacturing: ACEA

The European Automobile Manufacturers’ Association (ACEA) has voiced its deep concern by US President DonaldTrump's announcement of additional tariffs on the automotive sector. In a statement issued today, ACEA said: "It comes at a watershed moment for our industry’s transformation and as fierce international competition mounts."

European automakers have been investing in the US for decades, creating jobs, fostering economic growth in local communities, and generating massive tax revenue for the US government,” said ACEA Director General, Sigrid de Vries. “We urge President Trump to consider the negative impact of tariffs not only on global auto makers but on US domestic manufacturing as well.

Tariffs will not just impact imports into the US, a penalty that American consumers are likely to pay, but measures on automotive parts will also hurt automakers producing cars in the US for export markets. European manufacturers export between 50% and 60% of the vehicles they make in the US, making a substantial positive contribution to the US trade balance.

The EU and the US must engage in dialogue to find an immediate resolution to avert tariffs and the damaging consequences of a trade war, stated ACEA.

The European Automobile Manufacturers’ Association (ACEA) represents the 16 major Europe-based car, van, truck and bus makers: BMW Group, DAF Trucks, Daimler Truck, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, JLR, Mercedes-Benz, Nissan, Renault Group, Stellantis, Toyota Motor Europe, Volkswagen Group, and Volvo Group.