US President Donald Trump's decision to impose high tariffs on European goods is forcing EU companies to increase their production in the US, reports the French newspaper Les Echos.
As the publication recalls, a week ago Trump published a list of American and foreign companies asking not to raise tariffs on them in exchange for investments. Among them, a special place is occupied by the French transport group CMA CGM, which carries out maritime transportation. Its head Rodolphe Saade promised to allocate $ 20 million and create 10,000 jobs in the US. In addition, CMA CGM helps revive American shipbuilding and the development of cargo transport in the country, the newspaper notes.
European automakers are concerned about a decline in sales in the US market. The American-French-Italian automobile concern Stellantis intends to invest 5 billion USD in the development of its plants in the USA and to open another production facility in the state of Illinois.
According to the Handelsblatt newspaper, the German concern Volkswagen plans to assemble premium cars in the USA, and the head of the Swedish company Volvo Jim Rowan promised to quickly increase production at the plant in the state of South Carolina and purchase more American spare parts. The British company Rolls-Royce, in turn, is considering moving part of the engine production to the United States, thus intending to avoid tariffs.
A similar trend is observed in other industries. The French building materials group Saint-Gobain has committed to building another plant for 40 million USD in New York. The French energy company Schneider Electric announced an investment of 700 million USD to renovate, expand and commission plants in six American states. The German concern Siemens promised to allocate 285 million USD for industrial production in the USA, the American-Irish company Eaton - 340 million USD for the production of electrical transformers in Wisconsin, and the Swedish-Swiss group ABB - 120 million USD for the development of plants in Tennessee and Mississippi.
On March 26, Trump announced that the USA would impose import duties of 25%. all cars manufactured outside the country. The previously applied duties of 2.5% should also remain in force, which will lead to the new tariff rate of 27.5%. Commenting on this statement, the acting German Minister of Economics Robert Habeck said that the EU would not “give in to the USA“ and should give a decisive response, but at the same time continue negotiations with Washington on trade disputes.