President Trump announced a new trade agreement with the EU, including 15% tariffs on most imports and 25% on autos. This follows a national security probe into semiconductor imports, with results due in two weeks. Trump hinted at further tariffs, but claimed that companies are investing in US semiconductor manufacturing to avoid them. The agreement seemingly preempts potential tariffs on EU chips, according to Trump. The investigation, under Section 232 of the Trade Expansion Act of 1962, mirrors prior probes leading to tariffs on steel, aluminum, and autos.

Prepared by Christopher Adams and reviewed by editorial team.