President Donald Trump announced Friday that the United States will raise tariffs on cars and trucks imported from the European Union to 25 percent starting in response to the European Union's failure to comply with a previously agreed trade deal.
The tariffs will go into effect starting next week, according to Trump.
The president also confirmed that vehicles produced in U.S.-based plants will not face the tariffs.
"It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF," Trump wrote on Truth Social. "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!"
This is a developing story. Please check back for updates.