US commerce secretary Wilbur Ross has said possible tariffs on automakers are aimed at pushing companies to make more cars and other vehicles in the United States and the timing of any duties would depend on the success of ongoing negotiations. 

"It's a very, very important component of the European situation," Ross told CNBC in an interview, according to Reuters.

"If we don't fix the auto and auto part trade deficit and the Chinese trade deficit, we're not going to get anywhere.

"The timing of this whole thing will largely be driven by what happens in negotiations," Ross said.

"China, we don't really import very much in the way of cars but we do import some parts.

"It's a very, very complicated picture but we're moving along at a very deliberate and very orderly pace," he added.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Reuters noted European automakers were to meet senior administration officials later on Tuesday as the US mulls tariffs on European-made cars. Top executives from Volkswagen and Daimler were set to attend, according to the White House.

Asked about the commerce department's analysis on whether to impose a 25% tariff on European vehicles, Ross said its report was undergoing normal review.

Automakers have warned for months that US tariffs would cost jobs and raise prices and several have said they are worried that GM's closures could prompt Trump to impose auto tariffs more quickly, the Reuters report added.