This move is part of a broader policy shift, with tariffs ranging from 20% to 50% imposed on other countries, including , South Korea, and Brazil.
Trump warned that if the EU or Mexico retaliate with their own tariffs, the US will increase the rates even further.
The EU had been hoping to reach a trade agreement with the US to avoid being targeted, but now finds itself affected by the latest wave of trade restrictions.
Notably, in 2022, the EU was the US’s top trading partner, with over $553 billion worth of goods imported into the US.
It’s worth noting that the US has imposed various tariffs on other countries as well, with rates ranging from 20% to 50%.
These tariffs are part of the US administration’s efforts to renegotiate trade agreements and address trade deficits.
