European Automakers Save Millions with U.S.Tariff Cut.
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European car companies will save money. The savings are about 500-600 million euros each month. This started August 1st because of a trade deal with the U.S.
The trade deal sets a 15% tax on most EU goods. This new tax is much lower than before. The U.S. Federal Register told customs about the new tax.
This tax cut helps EU car companies a lot. Ursula von der Leyen said it is a good thing for Europe. The tax cut makes things easier for these companies.
The deal started on August 1st. Car companies should get money back from then. Maros Sefcovic talked about this before a meeting in Kuala Lumpur.
The 15% tax is still higher than before Trump. Some people do not like this trade deal. Sefcovic said most countries support the deal, and it was the best deal possible.
Questions
How much money will European car companies save each month?
European car companies will save about 500-600 million euros each month.
When did the trade deal start?
The trade deal started on August 1st.
What did Ursula von der Leyen say about the tax cut?
Ursula von der Leyen said the tax cut is a good thing for Europe.
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