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The European Union and Mexico agreed to a revamped free-trade agreement, just as both are under pressure from President-elect Donald Trump, who has threatened them with new tariffs.

Trump said on Truth Social that if the European Union does not up its imports, "it is TARIFFS all the way!!!" The U.S. goods and services trade deficit with the EU was $131.3 billion in 2022.

The EU is exploring potential areas for deeper cooperation with the U.S., such as increased liquefied natural gas imports and closer alignment on addressing China’s trade practices.

The EU’s favored approach would be to seek an agreement with Trump on some areas of common interest such as China, said one of the people, who spoke on the condition of anonymity.

Europe’s plan to effectively ban the sale of combustion engine cars from 2035 will lead to a “massive shrinking” of its automotive industry, according to BMW AG CEO Oliver Zipse.

BRUSSELS — EU countries voted to impose duties on imports of electric vehicles from China, as talks continued between Brussels and Beijing to find an amicable solution to their trade dispute.

Volvo Car and dozens of industrial manufacturers urged Brussels to stick to a plan to halt sales of new combustion engine cars starting in 2035. 

The European Union should use emergency regulation to delay its 2025 emissions targets for automakers, according to a draft proposition from the industry lobby seen by Bloomberg.

Volkswagen Chairman Hans Dieter Pötsch said "politicians have given the industry targets without the necessary infrastructure being available."

For Tesla Inc., the 9% tariff is relatively welcome news, as it’s lower than what other manufacturers face.