“This is the beginning of Liberation Day in America,” Trump said at the White House, even though the measures are likely to drive up vehicle prices. “We’re going to take back just some of the money that has been taken from us,” he added.
The tariffs, scheduled to take effect on April 3, pose a significant threat to the European car industry and mark the most dramatic escalation yet in Trump’s ongoing trade war. Experts warn that the measures could have severe consequences for the global economy.
In response to Trump’s original announcement, European Commission President Ursula von der Leyen expressed deep “regret” over the U.S. decision and vowed to protect European businesses.
“The EU will continue to seek negotiated solutions, while safeguarding its economic interests,” she said in a statement. “As a major trading power and a strong community of 27 Member States, we will jointly protect our workers, businesses, and consumers across our European Union.”