Trump's EU Tariffs: Shaking Global Markets

0:00On May 1st, President Trump just dropped a bombshell, announcing he'll slap a 25% tariff on cars and trucks coming from the European Union starting next week. He claims the EU isn't sticking to their trade deal, and this could shake up global markets big time. This comes after Trump and EU leaders inked that agreement last July, capping tariffs at 15% on most goods. But the Supreme Court shut down his original plan this year, ruling he lacked the authority so his team pivoted to a 10% tariff while digging, into trade imbalances and security issues. Meanwhile, the timing couldn't be worse with the world economy already reeling from the Iran conflict. Oil and gas prices are spiking after strikes closed. The Strait of Hormuz back in late February, fueling higher inflation and slower growth everywhere. Here at home, Trump's spacing heat ahead of midterm elections. Biden hit 3.3% in March, way above what he inherited, and only 30% of Americans approve of his economic handling.

1:01Per recent polls, EU officials are pushing back hard, insisting it deals a deal, and urging the U.S. to honor the commitments amid their massive 1.7 trillion. Euro-trade flow last year. With both sides digging in, watch for retaliation that could ripple through supply chains and prices we all pay. No news powered by AI, this is U.S. News Today, I'm Corey with The Story.