European carmakers are seeking relief from fines related to emissions standards as they potentially face billions of euros in penalties this year, according to the European Automobile Manufacturers' Association. Ola Källenius, the newly appointed ACEA president, highlighted the importance of a flexible approach to the European Green Deal to support the automotive industry's transition. He stated that incentives for electric vehicles need to be reevaluated. The possibility of a trade war with the President-elect Donald Trump administration raises concerns for the UK economy. Business Secretary Jonathan Reynolds warned that tariffs could significantly impact trade. Liberal Democrat leader, Sir Ed Davey, advocates for a UK-EU customs union to strengthen the UK's negotiating position against potential tariffs from the incoming US administration.