US-China Trade War Escalation Looms: Trump Targets EU with Tariff Hike In a move that threatens to further escalate global trade tensions, President Donald Trump has announced plans to raise tariffs on European Union (EU) cars and trucks to 25 percent next week. The decision, which is set to take effect on [date], comes after the President claimed that the EU failed to comply with a trade agreement aimed at reducing trade barriers between the two sides. The tariff hike is a significant escalation of the ongoing trade tensions between the US and the EU, which have already seen the imposition of retaliatory tariffs on a range of American goods, including wine and cheese. As the global economy teeters on the brink of recession, the move is likely to have far-reaching consequences for industries and consumers on both sides of the Atlantic.
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.
