In a move that is likely to escalate tensions with the European Union, President Donald Trump has announced plans to increase tariffs on EU-made cars and trucks to 25 percent next week. The decision comes after Trump claimed that the EU had failed to comply with a trade agreement, citing concerns over the bloc's refusal to open up its market to US agricultural products. The move is a significant escalation of the ongoing trade dispute between the US and the EU, which has seen tariffs imposed on both sides in recent years. As the global economy teeters on the brink of a recession, the prospect of further trade tensions between two of the world's largest economies is likely to send shockwaves through financial markets.
President Donald Trump said he will raise tariffs on EU cars and trucks to 25 percent next week, claiming the bloc failed to comply with a trade agreement.
