0659 GMT - The car industry is back in focus after President Trump said he was considering tariffs of 25% on autos, semiconductors and pharmaceuticals. Analysts at Nomura noted that the U.S. is the largest export market outside of the eurozone for German car manufacturers, and Trump has taken particular issue with the European automotive sector and Europeans not buying U.S. cars. "Some car manufacturers already forewarned factory closures and layoffs prior to Trump's election in November 2024, and the prospect of U.S. tariffs only worsens the situation," they write. Nomura also expects the U.S. administration to apply reciprocal tariffs sometime in April. Currently, the U.S. has a 2.5% tariff on European cars, while the EU charges U.S. imports 10%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
February 19, 2025 01:59 ET (06:59 GMT)
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