New tariff hike could cost Germany $18BN
Summary
President Donald Trump is increasing tariffs on cars and trucks imported from the European Union to 25 percent next week. This is a 10 percent rise from the rate set in a trade deal last July, and it comes as the EU is accused of not meeting trade agreement terms. The higher tariffs could cost Germany’s economy about $18 billion.Key Facts
- President Trump is raising tariffs on EU cars and trucks to 25 percent.
- The new tariff rate is 10 percentage points higher than in last year’s trade deal.
- The EU is seen as not complying with the terms of the trade deal.
- The automotive industry is very important to the European economy.
- Germany could lose around $18 billion due to the tariff increase.
- This tariff rise is part of a wider trade dispute between the US and the EU.
- The US is also withdrawing 5,000 troops from Germany around the same time.
- European countries are discussing stronger defense and how to respond to US troop cuts.
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