economy
Trade war on the horizon: US announces higher tariffs on vehicles from EU
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TL;DR
- The US will implement a 25% tariff on imported cars from the European Union.
- U.S. Trade Representative Jamieson Greer confirmed the plan, despite opposition from Brussels.
- President Donald Trump cited the EU's failure to meet trade agreement obligations as justification.
- The European Commission rejected the claims and stated it would protect EU interests.
- Stocks of German automakers like BMW, Mercedes-Benz, Volkswagen, and Porsche fell between 2% and 3%.