Shares of German carmakers Volkswagen AG, Porsche AG and Mercedes-Benz Group AG gained on the news. Porsche, which is among the hardest hit by the US tariffs as it sells only imports there, rose as much as 3.8% in Frankfurt.
The US lowered tariffs on auto imports from the European Union to 15% retroactive to Aug 1, cementing the terms of the framework trade agreement the two sides struck this summer.
The Department of Commerce and Office of the US Trade Representative published a document online on Wednesday detailing the changes, reducing duties on a range of goods.
