Leaders in both countries warned that tariffs would fan inflation in the United States and upend global supply chains.

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.

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.

Global markets and businesses were thrown into disarray by U.S. President Donald Trump’s tariff announcements on Thursday.

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.

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.

World leaders had varied reactions to President Donald Trump's tariff announcements, with many pledging counter measures, while others hope to negotiate a removal of the import taxes.

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.