Overview

• Under President Trump’s August 1 executive order, a 15% tariff will apply to nearly all EU goods starting August 7, replacing earlier reciprocal levies announced in April.
• The European Commission has legally suspended €93 billion of planned counter-tariffs for six months, awaiting approval from member states by late August.
• Negotiators report the joint US-EU declaration is nearly finalized and will enshrine the 15% ceiling across future Section 232 tariffs on sectors including pharmaceuticals and semiconductors.
• EU capitals from Berlin to Rome are lobbying for carve-outs, with Germany’s Finance Minister Lars Klingbeil decrying the pact as too weak and Italy seeking relief for its €14–15 billion export risk.
• Economic studies indicate the tariffs have already generated $152 billion in US revenues since April and may cost American households up to $2,400 each next year through higher prices.