EU car and steel industries call to avoid 'Trump's tariffs'

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.