EU Offers to Cut Tariffs on U.S. Cars, Boosting European Auto Stocks
- Malmstrom says bloc willing to eliminate fees if U.S. does too
- Talks have until now focused on other industrial products
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European automotive stocks jumped, with BMW AG touching an 11-week high, after the European Union’s top trade official said the bloc is willing to include cars among U.S. industrial goods that could be imported duty free.
“We are willing to bring down even our car tariffs to zero, all tariffs to zero, if the U.S. does the same,” Trade Commissioner Cecilia Malmstrom told European Parliament lawmakers Thursday at a committee meeting in Brussels. Autos were previously excluded from the discussions that focused on manufactured products bought and sold between the two markets. Removing tariffs “would be good for us economically and good for them -- mutually beneficial.”