Thinking of buying a new Peugeot, Saab, or Audi? You may want to wait a while. On Friday, May Day, interestingly enough, President Trump took to his Truth Social platform to announce that the European Union’s auto industry is about to be hit with another round of tariffs on imports into the United States. President Trump cites the EU not complying with the existing trade deal to justify the move.
The president writes:
I am pleased to announce that, based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States. The Tariff will be increased to 25%. It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF. Many Automobile and Truck Plants are currently under construction, with over 100 Billion Dollars being invested, A RECORD in the History of Car and Truck Manufacturing. These Plants, staffed with American Workers, will be opening soon — There has never been anything like what is happening in America today! Thank you for your attention to this matter. President DONALD J. TRUMP
President Trump wields tariffs like a hammer, and the EU can scarcely say that this move was some big surprise; this is President Trump’s primary trade tactic.
Speaking with the press on Friday as he was departing for Florida, the president offered a few more details.
Buy American, no tariff