Donald Trump is raising tariffs on vehicles and trucks from the European Union to 25%, escalating trade tensions with Brussels. The US president accused the EU of “not complying with our fully agreed to trade deal” in a post on Truth Social, but did not explain how.I’m thrilled to inform that “Next week, I will raise tariffs charged to the European Union for cars and trucks,” Trump stated on Friday.
Trump has selected a particularly sensitive target in the automotive sector, as automobile production accounts for a large share of the European economy. Talks over how to move forward with the EU-US deal, which was agreed upon in July, have halted due to a steel and aluminum dispute. Major European economies, including Germany and France, had opposed US proposals to raise taxes on a wide variety of commodities.
The trade agreement reached between the EU and the US at Trump’s Turnberry golf resort in Scotland imposed 15% tariffs on most European exports. It was a reprieve for the EU from the 30% tariffs that Trump had promised to impose as part of his “Liberation Day” tariff wave in April.
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