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Trump’s move to slap a 20% tariff on EU goods as part of his “America First” agenda has stirred fears of a global trade war — and led to a meltdown in financial markets.

The anti-coercion instrument, which is subject to a number of conditions and steps, would eventually allow the EU to deploy a broad range of retaliatory responses.

Stellantis Chairman John Elkann says Europe’s auto manufacturers don’t need the defense industry to survive, after some governments called on carmakers to contribute to a defense push.

The EU wants to engage with the U.S., Ireland's Deputy Prime Minister Simon Harris said. “We should do that rather than having further announcements and then trying to respond.”

The EU is broadening the list of U.S. goods it will target with retaliatory tariffs if U.S. President Donald Trump follows through on his threat to impose duties on steel and aluminum exports.

The European Union’s executive branch on Feb. 14 vowed to “take firm and immediate action” against U.S. President Donald Trump’s imposition of tariffs on steel and aluminum.

Trump said on Truth Social that if the European Union does not up its imports, "it is TARIFFS all the way!!!" The U.S. goods and services trade deficit with the EU was $131.3 billion in 2022.

Trump's threat to hit Canada, China and Mexico with tariffs because of the flow of illegal drugs and migrants into the U.S. sent European stocks lower.

Volkswagen Chairman Hans Dieter Pötsch said "politicians have given the industry targets without the necessary infrastructure being available."

American Trucking Associations CEO Chris Spear said European transportation leaders are facing regulatory challenges similar to those confronting U.S. fleets.