The freight volumes of cars and car parts to the USA would be even larger if there were more freight capacity in the segment, according to Kristoffersen.
Compared to the same month last year, car exports from the EU to the USA increased by 22 percent in February. Exports from Japan to the USA have simultaneously increased by 14 percent, while South Korean car exports to the USA have increased by 15 percent, the newspaper reports.
Stockpiling to the USA
Trump has flagged a new type of punitive tariffs on April 2, where USA tariffs are introduced as a response to what is described as trade barriers that make American goods more expensive abroad – including which VAT rates are applied in other countries. Trump has also spoken about specific car tariffs – together with tariffs on semiconductors, pharmaceuticals, and timber – but they are expected to come at a later stage.
The paused 25-percent tariffs on imports from Mexico and Canada are also expected to be introduced on April 2, according to Trump's latest announcement.
Car manufacturers with production in Mexico and Canada are preparing for the tariffs by moving stockpiles and advancing deliveries to the USA.
The big question is how this will affect car trade over time. Customers are very uncertain about which direction this is going, says Kristoffersen to the newspaper.
Shifting production
Since Trump took over as president again in January, tariffs on goods from China have been increased by 20 percent. This comes on top of the 100-percent tariffs introduced by the Biden administration last year, reports The Wall Street Journal, citing a spokesperson for Volvo Cars.
The spokesperson tells the newspaper that Volvo Cars plans to shift some production from China to Belgium going forward – even though Belgian products may also be affected by new USA tariffs on imports from the EU.
The Trump administration introduced 25-percent tariffs on all imports of steel and aluminum to the USA on March 12, which has led to the EU and Canada responding with countermeasures.
