US to announce 25% tariff on EU very soon, Trump says

U.S. President Donald Trump said on Wednesday that his administration will soon announce a 25% tariff on imports from the European Union.

"We have made a decision, and we'll be announcing it very soon, and it'll be 25% generally speaking, and that'll be on cars, and all of the things," Trump told reporters during a meeting of his cabinet.

The EU has a 10% tariff on passenger cars, four times the rate of the U.S. passenger car tariff of 2.5%. U.S. officials have also complained about European value added taxes of at least 17.5%.