The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars, arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday.

On July 7, Trump announced 25% tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10%.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,

Volvo Cars (OTCPK:VLVOF) (OTCPK:VLVCY) has reduced its U.S. model lineup this year, becoming one of the first major automakers to curb U.S. shipments in response to tariffs imposed by President Donald Trump.

Donald Trump has proposed huge levies on Brazil, prompting an outspoken response from the CEO of Embraer, which builds vital regional airliners.

Trump has set a baseline tariff of 10% on all imports to the United States, as well as additional duties on certain products or countries. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Oil prices traded within a narrow range as investors assessed U.S. demand signals and monitored global trade developments.