European appliance manufacturers, along with several other EU producers, are a little happier after President Trump agreed to a 15% tariff deal with the EU.
Several major appliance brands, including Electrolux and BSH, which owns Bosch, Neff, Gaggenau and Siemens, were facing 30% tariffs imposed by the US administration from next month.
Trump, who met European Commission President Ursula von der Leyen in Trump’s golf course at Turnberry, Scotland over the weekend, resulting in the EU agreeing to buy $750 billion in American energy products, invest $600 billion in new money in the US and purchase additional US military equipment, according to the terms of the preliminary agreement.
And tariffs on a good number of American exports will drop to zero.
“Today’s deal creates certainty in uncertain times . . . for citizens and businesses on both sides of the Atlantic,” von der Leyen said, adding that the 15 per cent US tariff would apply to European appliances, audio products, cars, pharmaceuticals and semiconductors.
Von der Leyen said the only real concession from the Americans was that Trump would not impose 30% tariffs as he had threatened, a move that some claim would have “crippled” European appliance manufacturer sales in the USA.
Still, it’s a hit and one that US consumers will have to pay if they want to buy appliances from outside the USA.
