US President Trump says EU is not complying with trade deal and he will increase tariffs to EU cars and truck imports into the US; tariff will be increased to 25%
- It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.
Full Post: "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 Tariff will be increased to 25%. It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF. Many Automobile and Truck Plants are currently under construction, with over 100 Billion Dollars being invested, A RECORD in the History of Car and Truck Manufacturing. These Plants, staffed with American Workers, will be opening soon — There has never been anything like what is happening in America today! Thank you for your attention to this matter. President DONALD J. TRUMP"
President Trump's announcement to increase tariffs on EU car and truck imports to 25% signals heightened trade tensions. This could influence the strength of the USD against the EUR, as markets react to the implications for transatlantic trade and economic forecasts. Long-term, this move may provoke retaliatory actions from the EU and complicate investor sentiment across equities and commodities.