Trump tears up EU tariff deal and raises some import duties
Summary
President Donald Trump announced he will raise tariffs on cars and trucks imported from the European Union (EU) to the United States from 15% to 25% because the EU has not fully approved their trade deal. He exempted US-made vehicles by EU companies and said American factories are investing heavily in new plants. The EU criticized the move and has not yet completed the formal approval process for the tariff deal.Key Facts
- President Trump said the EU is not complying with their trade deal, so he will raise tariffs on EU cars and trucks entering the US from 15% to 25%.
- Vehicles made in the US by European companies will not face the higher tariffs.
- Trump mentioned that new car and truck plants worth $100 billion are under construction in the US, creating American jobs.
- The European Parliament has voted to approve the deal but has not finished the formal signing process involving the European Commission and EU leaders.
- The EU trade committee chair called Trump’s tariff increase untrustworthy and said the EU will respond firmly.
- This comes after Trump threatened to reduce or withdraw US troops from Italy, Spain, and Germany.
- European Commission officials recently met with Trump’s administration to discuss the tariff deal.
- The original tariff deal set a 15% tariff on most goods including cars, lowering previous tariffs of up to 50% on some EU exports to the US.
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