Trump Sets July 4 Deadline for Von der Leyen to Fulfill Trade Deal or Face 25% Tariffs

President Trump has given EU Commission President Ursula von der Leyen until July 4 to comply with the US-EU trade agreement or face 25% tariffs on European cars and trucks, escalating tensions after his May 1 announcement. The tariffs, up from 15% under the 2025 Turnberry framework and exempting US-produced vehicles, target EU delays in removing levies on US goods, threatening $40 billion+ in EU auto exports (24% of Germany's) and causing 3-5% drops in automaker shares. EU states pushed for swift deal implementation, with Trade Chief Sefcovic meeting US Trade Rep Greer in Paris, but parliamentary approval remains ambitious amid retaliation risks and EURUSD downside from dollar safe-haven flows.