“I am pleased to announce that, based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States,” the president wrote on social media. “The Tariff will be increased to 25%,” News.Az reports, citing foreign media.
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The president added, “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.”
The changes comes after the US-EU trade deal, which capped US tariffs at 15% for most products, became more precarious after the Supreme Court struck down President Trump’s blanket tariffs at the beginning of this year.
Shares of EU-based automakers Volkswagen (VWAGY) and Stellantis (STLA) fell following the news.
