In March, President Donald Trump imposed a 25% tariff on imports of steel, aluminum, automobiles, and certain automobile parts. European Union (EU) members, except Hungary, announced retaliatory tariffs of 10% to 25% on specific U.S. imports.{/div} Qn April 2, Tramp proclaimed, 'Liberation Day' and added a global baseline tariff of 10%, plus customized so-called 'reciprocal tariffs.' Because the 2024 U.S. deficit with the EU was 39% of imports, he imposed a 'discounted' 20% reciprocal tariff on most EU goods not subject to the 25% tariff.