U.S.-EU Trade Deal Implements 15% Auto Duty
15% duty on EU autos starts Aug 1, exempting pharmaceuticals and aircraft.
EU leaders called deal the best available option.
Automakers could save 500-600 million euros monthly.
Porsche shares rose 2.2%, BMW 1.4%, Mercedes-Benz 1.1%.
EU auto tariff rate dropped from 25% to 15%.
Reduction aligns with U.S. executive order and Section 232 duties.
Rate previously 27.5%, but Volkswagen CEO said August cut depends on talks.
1 month ago