On Friday, President Donald Trump said the European Union is violating a trade agreement and announced plans to raise tariffs on imported automobiles and commercial vehicles.
EU Faces 25% Auto Tariff Hike
In a Truth Social post, Trump said he would increase tariffs on cars and trucks coming from the EU to 25%, citing what he described as noncompliance with a previously agreed trade deal.
“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,” he wrote.
Trump added that vehicles produced in the U.S. would be exempt. “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF,” he said.
He also pointed to what he called a surge in domestic investment, claiming “over 100 Billion Dollars” is being invested in new auto plants across the country.
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