European carmakers are trying to work out how much their prices might have to rise in response to looming U.S. import tariffs, industry sources said.

Shares of some of the world's biggest automakers appeared surprisingly resilient on Thursday, even after U.S. President Donald Trump's 25% tariffs on foreign auto imports came into effect. Analysts and economists said the relatively muted response from autos stocks could be partly attributed to an exemption for Canada and Mexico from Trump's highly anticipated "reciprocal" tariffs announcement.

Speaking at an event in the White House Rose Garden, Trump committed to putting the auto tariffs into place beginning at midnight, saying they and others he will impose in the coming days will "supercharge our industrial base.

The German government says Donald Trump "buckles under pressure" and would water down his trade war with the European Union if he's met by a unified response from the continent.

Currently, the following tariffs from the second Trump administration are in effect: 25% tariffs on imported vehicles, 25% taxes on all steel and aluminum imports and 20% taxes on Chinese imports.

Liberal Leader Mark Carney said Thursday U.S. President Donald Trump's move to levy tariffs on virtually every country will "rupture the global economy," torpedo economic growth and prompt devastating consequences for workers and businesses in this country and around the world.

European stocks suffered their worst day in eight months after US President Donald Trump announced the steepest tariffs in a century, including a 20% rate for the European Union.

President Donald Trump unveiled a sweeping new tariff plan on April 2, 2025, to reshape U.S. trade and boost domestic industry.