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A recent study found that 186,000 jobs could be lost in the European automotive industry over the next decade.
Transcript
00:00If Donald Trump does what he promised during the electoral campaign, EU economic growth
00:13could be seriously undermined.
00:16The President-elect repeatedly stated his intention to impose a 10% tariff on European
00:21products.
00:22And one of the worst hit sectors would be the automotive industry, in particular the
00:26German one.
00:28The Association of the German Automotive Industry says everything must be done to ensure that
00:33new US tariffs are not imposed.
00:38I think that both sides need to talk to prevent this.
00:42If it happens, we both know what will happen next, and the European Union will probably
00:47have some measurements already ready.
00:50And that will be another start of, well, a trade conflict or something in that direction.
00:57And that is not what we need.
00:59Europe and the US need to understand now that looking at all the geopolitical challenges,
01:05that we need to work together and that geopolitics and economics need to be thought together.
01:12The situation for the automotive industry in Germany is already difficult, with Volkswagen
01:17recently announcing the closure of three plants.
01:20A recent study found that 168,000 jobs could be lost over the next decade as the industry
01:27switches to EV production.
01:31The other most affected sector would be the steel industry.
01:34The US and Europe still haven't fully resolved the issue of tariffs imposed by the previous
01:39Trump administration.
01:42They have already caused a noticeable slump in exports.
01:45According to the European Steel Association, further lengthy and complex negotiations lie
01:51ahead.
01:52There was found a kind of way forward between Joe Biden and the European Commission, Miss
02:00von der Leyen, to address the trade conflict concerning steel with a global arrangement
02:09on sustainable steel and aluminium.
02:13The negotiations had been stalled since the election campaigns in the US started.
02:21And we have of course hoped, and we still hope, that the negotiations can continue now
02:27after the elections to find a solution.
02:29Because otherwise we will fall back into the tough 25% tariffs on European steel.
02:41The Association also underlines the need for the new US President to be persuaded of
02:46the climate goals, not least for his own country's industry, as steel and aluminium production
02:52is one of the biggest carbon emitters.

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