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President Donald Trump’s 25% tariffs on imported vehicles and parts have sent shockwaves through the U.S. auto industry.
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The European Commission plans to submit counter-tariffs on 93 billion euros ($109 billion) of U.S. goods for approval to EU members, while its trade chief will hold talks with U.S. Commerce Secretary Howard Lutnick.
General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.
BERLIN (Reuters) -German Chancellor Friedrich Merz will host French President Emmanuel Macron for talks over dinner in Berlin on Wednesday, with Europe's battle to soften incoming U.S. tariffs and support for Ukraine expected to top a packed agenda.
Steel producers like Cleveland Cliffs and Steel Dynamics both said this week that they raised prices after President Trump imposed a 50 percent tariff on imports.
The impacts will be felt more broadly in many industries, and the question is when the choice becomes to preserve profits by raising prices.
As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.
The Canadian prime minister said he was still negotiating in advance of a 1 August trade deadline set by Donald Trump.