"It is good that the EU Commission presented its legislative proposal to reduce EU tariffs on US industrial goods to zero, as announced, back in August. We now expect the US to also swiftly implement its part of the agreement and reduce tariffs on imports of cars and car parts from the EU to 15%, retroactively to August 1.

Planning and legal certainty are crucial for our companies right now. For the automotive industry, the current high additional burdens mean significant financial losses. Therefore, it is important to provide relief for companies quickly.

We are also watching the further development of US tariffs on steel and aluminum products with concern. Care must be taken to ensure that no new burdens are imposed on the automotive industry or other EU industries.

Furthermore, it should not be forgotten that the US tariffs now agreed upon will also place a significant burden on the German automotive industry. It is therefore all the more important that Berlin and Brussels decisively tackle their own homework with regard to locational attractiveness and competitiveness.

The tariff dispute with the US has once again made it crystal clear: The EU must find new economic strength and, to do so, make the framework in Europe internationally competitive for both companies and investors. Only in this way the EU will become more attractive and relevant as an investment location. Furthermore, the EU must resolutely conclude free trade agreements and raw materials partnerships with as many regions of the world as possible. The EU is on the right track here; what's needed now is more speed, more determination, and more pragmatism than in the past."