US President Donald Trump has announced that tariffs on cars and trucks imported from the European Union (EU) will be increased to 25% as early as next week.
elchi reports that he wrote about this on “Truth Social”.
In his post, Trump accused the EU of failing to fulfill its obligations under the trade agreement with the US.
“I am pleased to announce this news: next week I will increase the tariffs applied to cars and trucks imported from the EU to the US, because the union is not adhering to the fully agreed-upon trade agreement. The tariffs will be increased to 25%,” he wrote.
In addition, Trump emphasized that no duties will be applied to cars produced within the US.
He also noted that new car factories are being built in the country with an investment of more than $100 billion, calling it a record in industrial history.
“There are currently a large number of car and truck factories being built with over $100 billion in investment – this is a record in the history of car and truck manufacturing. These factories, staffed by American workers, will open soon – something like this has never happened in America before!” the US leader emphasized.