President Donald Trump said on Friday that he will increase the tariffs charged on cars and trucks from the European Union next week to 25%, a move that could jolt the world economy at a fragile moment.
Trump said in a social media post that the EU “is not complying with our fully agreed to Trade Deal,” though he did not flesh out his objections in the post.
Trump and European Commission President Ursula von der Leyen had agreed to the trade deal last July. It set a tariff ceiling of 15% on most goods, though the Supreme Court this year ruled against the legal authority that Trump had used to charge that tax. This left Trump looking for substitute authorities, and his administration has imposed a 10% tax while investigating trade imbalances and national security issues to put in new tariffs to make up for lost revenues.
