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German car shares skid after Trump tariff threat

Shares in German and other European car manufacturers fell on Friday after US President Donald Trump threatened to impose a 20 percent tariff on cars imported from the bloc, traders said.

Published: 23 June 2018 03:49 CEST
German car shares skid after Trump tariff threat
Photo: DPA
In Germany, BMW was down around two percent while Daimler and Volkswagen both dropped by more than one percent.
 
 
European auto stocks had already come under pressure in recent days on expectations that Trump would seek to hit the sector with tariffs in response to retaliatory tariffs by Brussels which kicked in on Friday.
 
Mercedes-Benz maker Daimler was the first among Germany's auto industry titans to lower its profit forecasts this week. High-end competitor BMW says it is following the international situation “more closely than ever”.
 
Elsewhere in Europe, Fiat Chrysler shares lost more than three percent in Milan while shares in French carmakers Renault — which does not sell cars in the US — and Peugeot were also weaker, but only marginally.

TRADE

Norway and UK strike post-Brexit trade deal

Norway and the United Kingdom have struck an agreement on a free trade deal, the Norwegian government announced on Friday.

Published: 4 June 2021 13:51 CEST
Norway and UK strike post-Brexit trade deal
Erna Solberg outside 10 Downing Street in 2019. (Photo by LUDOVIC MARIN / POOL / AFP)

Negotiations over the agreement have been ongoing since last summer, and the Norwegian government said that the deal is the largest free trade agreement Norway has entered into, outside of the EEA agreement. 

“The agreement entails a continuation of all previous tariff preferences for seafood and improved market access for white fish, shrimp, and several other products,” the Ministry of Trade and Industry said in a statement.  

One of the sticking points of the negotiations was Norway wanting more access to sell seafood in the UK, while the UK wanted more access to sell agricultural products like cheese.

The latter was a problem due to Norway having import protection against agricultural goods. 

“This agreement secures Norwegian jobs and value creation and marks an important step forward in our relationship with the UK after Brexit. This is a long-term agreement, which at the same time helps to accelerate the Norwegian economy,” Prime Minister Erna Solberg said in a statement.  

 The United Kingdom is Norway’s second most important single market, after the EU. In 2020 Norwegian companies exported goods worth 135 billion kroner to the UK and imported around 42 billion kroner of goods from the UK. 

Norway has given Britain 26 quotas on agricultural products, but not for mutton and beef. The agreement does not increase the UK’s cheese quotas, state broadcaster NRK have reported. 

The agreement will still need to be signed by both the Norwegian and UK parliament. 

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