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Investing.com -- The chief executive of Volvo (OTC:VLVLY) Cars has called on the European Union to reduce its 10% tariff on American-made cars, stating that European automakers don’t need protection from U.S. competitors.
"If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first," Hakan Samuelsson said on Thursday after the company released its second-quarter earnings.
Samuelsson added, "I think it’s absolutely unnecessary, the European car industry definitely does not need to have any protection from American auto builders."
Brussels and auto industry representatives have been working for months to convince Washington to lower its 27.5% tariff on imports of European cars.
U.S. President Donald Trump has threatened to increase tariffs on European Union auto imports to 30% starting August 1, putting more pressure on the bloc to reach a deal.
Before Trump took office, the U.S. had a 2.5% tariff on European-made cars, while the EU maintained a 10% duty on vehicles imported from the U.S. Samuelsson had previously described this arrangement as unfair.
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