Trump to raise tariffs on EU cars and trucks to 25%

U.S. President Donald Trump announced on social media on May 1 that he will raise tariffs on cars and trucks from the EU to 25% next week, stating that the EU has not fulfilled its obligations under their trade agreement. Trump emphasized that everyone agrees cars and trucks produced in U.S. factories will be exempt from the tariffs, adding that numerous auto and truck manufacturing plants are currently under construction with investments totaling over $100 billion.