US plans to hike tariffs on EU cars to 25% will hit luxury market the most

AI Summary

The US government's decision to increase tariffs on EU cars to 25% aims to address compliance issues stemming from last year's trade deal. This escalation primarily impacts the luxury car market, signaling potential shifts in trade relations between the US and the EU.

US says it will hike tariffs to 25% because the EU has not complied with trade deal last year that set tariffs at 15%.