PARIS (Reuters) – Valeo hopes that a customs duties agreement between the European Union (EU) and the United States be found because, according to the automotive supplier, not having an agreement means maintaining the automotive industry in a situation of instability, its general manager, Christophe Périllat said on Friday.
The group lowered its target turnover target for 2025 on Thursday, invoking a negative impact of 750 million euros linked to exchange effects.
Christophe Périllat had already warned on Thursday that American customs duties on foreign automotive imports could lead to an increase of several thousand dollars in the price of cars in the United States.
According to European diplomats, the EU and the United States now seem to go to a possible trade agreement, which would result in a general customs duties of 15% on European products exported to the United States, like the framework agreement concluded between Washington and Japan.
The American president, Donald Trump, has not yet rendered his final decision, expected before the deadline of August 1.
The European Commission said Thursday that a commercial solution negotiated with the United States was at hand, while EU members approved a set of retaliatory commercial measures, up to 93 billion euros in the absence of failure of negotiations.
The European executive said on several occasions that its main objective was to reach an agreement to avoid the 30% US customs duties that US President Donald Trump threatened to impose next month.
(Gilles Guillaume report; written by Claude Chendjou, edited by Kate Entringer and Augustin Turpin)
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