Overview

• President Trump confirmed 30 percent tariffs on EU and Mexican imports effective August 1, and he insisted on a minimum 15–20 percent levy for all EU goods.
• He maintained existing auto duties at 25 percent, sustaining pressure on European car makers.
• The European Commission has finalized plans for over €90 billion in retaliatory tariffs if no agreement is reached by early August.
• Spanish exports to the United States fell 14.4 percent in May as exporters adjust to anticipated higher trade costs.
• Companies are working with advisers like KPMG to reclassify goods and renegotiate contracts to limit tariff impact, and analysts warn markets could react violently if duties take effect.