Trump says he’ll place 25% tariff on autos from the EU, accusing it of not complying with trade deal
President Donald Trump announced he will increase tariffs on cars and trucks from the European Union to 25% next week, citing non-compliance with their trade deal. The move could jolt the world economy amid expectations of slower growth and higher inflation.
President Donald Trump said he will increase tariffs on cars and trucks from the European Union to 25% next week. Trump claimed the EU is not complying with their trade deal, agreed upon last July. The deal set a tariff ceiling of 15% on most goods, but the Supreme Court ruled against Trump's legal authority to charge that tax. Trump's administration has imposed a 10% tax while investigating trade imbalances. The tariffs could put the trade framework, known as the Turnberry Agreement, at risk. The EU had expected the deal to save European automakers about $585 million to $700 million a month. The value of EU-U.S. trade in goods and services was $2 trillion in 2024.
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