STOCKHOLM (Reuters) -Volvo Cars CEO Hakan Samuelsson told Reuters on Friday that the company’s customers would have to pay a large part of tariff-related cost increases.
U.S. President Donald Trump on Friday said he was recommending a straight 50% tariff on goods from the European Union starting June 1, saying the EU has been hard to deal with on trade.
Samuelsson said that a 50% tariff would limit the ability of Volvo Cars to sell its affordable EX30 electric vehicle in the United States.
Shares in the company were down 4.3% at 1237 GMT.
(Reporting by Marie Mannes in Stockholm and Nora Eckert in Detroit, writing by Louise Breusch Rasmussen, editing by Terje Solsvik)
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