Volvo CEO Says Potential U.S.-Europe Trade War Is “Worrying”

Volvo chief executive Hakan Samuelsson has expressed his concerns about the possibility of a trade war between the United States and the European Union.

Speaking during the recent Automotive News Europe Congress, Samuelsson said that it is increasing the number of vehicles it builds in the United States and hopes that it will be spared from potential new taxes.

“The [Trump] administration wants us to build cars in U.S. and reduce the [U.S.] trade deficit. By coincidence, we are doing exactly that,” he said. “We will eventually build 150,000 cars in the U.S., of which half will be exported. And we will sell about the same number there. I hope the administration sees that and taxes somebody else.”

Also Read: Trump Declares Auto And Part Imports National Security Threat, Appears To Seek Quotas

Volvo announced plans to build a factory in the United States in 2015, well before President Donald Trump was elected and threatened imported vehicles with steep tariffs.

Not only is Volvo looking to minimize the impacts of trade tensions between the U.S. and the European Union, but it is also doing the same with the ongoing trade war between the U.S. and China.

Auto News reports that Volvo no longer imports Chinese-made vehicles in the States, as they faced a 27.5 per cent tariff. Now, models like the XC60 are being imported to the U.S. from Europe instead.

Last year, the Swedish automaker started preparing for an initial public offering; however, the IPO, which could have seen it valued at around $30 billion, was scrapped in September 2018 due to trade tensions.

more photos...
  • WITH NO CLEAR PLAN FOR TARIFFS AND CONSTANT FLIP-FLOPPING IT MUST BE DIFFICULT FOR COMPANIES TO PLAN AHEAD.
    THINGS WILL BE MORE STABLE AFTER 2020.

    • Six Thousand Times

      We can only hope.

  • MarketAndChurch

    This is worrying me. Trade wars and immigration are taking up more of this administration’s time then education, energy, and a number of other priorities that are more important to more people than the agenda of the president’s voter base. And I’m saying this as a conservative.

    • NOT TO MENTION ALL THE “PERSONAL” PROBLEMS THAT SEEM TO BE TAKING UP TOO MUCH OF THEIR AND OUR TIME.

Does The Ford Ranger Raptor Work As A Family Car?

While it might not be as fast as the Raptor moniker suggests, it excels at arduous terrains – but can it be your daily driver?.

The New Honda Fit Might Not Make It Into The United States

Nothing is official, but so far Honda refers to the model only as the Jazz, plus sales of the current Fit in the US have declined by 17 percent this year.

Is Tesla Readying A “Track Mode Package” Upgrade For The Model 3 Performance?

According to info contained in a parts catalog list, the Performance version of Tesla’s entry-level sedan is set to get new tires and upgraded brake pads.

Ferrari’s First U.S. Tailor Made Center Opens In New York City

The new Tailor Made Center is housed in a redesigned showroom and features a private owners’ lounge as well as space for five cars on display.

VW Working On Two SUVs To Slot Below The Tiguan – Could They Be US-Spec Versions Of T-Roc And T-Cross?

These two should hit the U.S. market alongside the electric ID.4, but it’s unknown if they’re federalized versions of existing ones or distinct models.

DS3 Crossback Is Oh So Chic, But What’s It Like Under That Fancy Dress?

The DS3 Crossback is the French automaker’s answer to the likes of the Audi Q2, BMW X2 and Mini Countryman.

Tesla Gets Government Approval To Start Building Cars In China

Tesla wants to be building 1,000 Model 3s per week before the end of the year in its Gigafactory 3 in Shanghai .

It Took Lamborghini Only Five Years To Deliver 14,000 Huracans

The Huracan, which has already received an update, is expected to remain in production for a few more years.

This Is What The Renault Zoe RS Electric Hot Hatch Could Look Like

The Zoe RS, whose viability is under consideration by Renault, could feature dual electric motors and deliver over 200 HP.

VW Golf Countdown: 1997-2003 Mk4 – Introducing A High Quality Interior, ESC And DSG

The fourth-generation Golf was considered on par, quality-wise, with the pricier, and more upmarket, Audi A3.