Overview
- U.S. Trade Representative Jamieson Greer said Monday on CNBC that the administration will move ahead with raising tariffs on EU cars and trucks to 25%.
- Talks Tuesday in Paris between EU trade chief Maroš Šefčovič and Greer ended without a breakthrough, and an EU readout said Šefčovič urged a return to the 15% rate set in 2025.
- EU lawmakers and governments resumed talks Wednesday to pass legislation delivering the Turnberry pact, which capped U.S. car tariffs at 15% in exchange for EU cuts on U.S. industrial goods, but divisions over extra safeguards slowed a deal.
- European leaders rejected claims of non‑compliance, with Ursula von der Leyen saying “a deal is a deal” and Emmanuel Macron signaling the bloc could use its anti‑coercion tool if Washington imposes higher duties.
- Investors sold European auto stocks after Friday’s announcement, and by Monday shares of BMW, Mercedes‑Benz, Volkswagen and Porsche had fallen, underscoring the sector’s heavy exposure to the U.S. market.