Trump sets tariff sight on European Union

“We have made a decision and we’ll be announcing it very soon. It’ll be 25%,” the Financial Times reported Trump as saying.

Besides remarking that the tariffs would be applied “generally” and mentioning automakers, the president did not provide further details on his plans for this next round of tariffs.

In 2023, the US was the largest export market for EU goods, accounting for 19.7% of the region’s exports, according to Eurostat data. It’s also one of the most important export markets for European vehicles: In 2023, vehicle exports to the US amounted to over €40 billion (US$42 billion), according to Eurostat data.

Meanwhile, the European Commission has set a Strategic Dialogue on Steel for March 4. Leaders across the steel value chain will join EC President Ursula von der Leyen and other representatives to develop a Steel and Metals Action plan. They expect to launch the plan this spring.

Tariff roundup

Earlier this week, Trump signaled his administration is on schedule to impose 25% blanket tariffs on all imports from Canada and Mexico starting next week, on March 4.

A week after that, on March 12, the expanded Section 232 tariffs on steel and aluminum and downstream products are set to begin.

The administration implemented a 10% across-the-board tariff on imports from China on Feb. 4.

Trump also said this week his reciprocal tariff plan could begin as early as April, and he suggested earlier this month that tariffs could be applied to auto imports starting in April as well.