BRUSSELS (AP) — The European Union is working on the assumption that the United States will impose a 15% tariff on most EU exports from Friday, even though the two sides have yet to complete a key document clarifying how the agreement will operate.

U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump's tariffs were justified by the president's emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.

The arguments underscored the financial stakes for U.S. importers as the Trump administration prepares to impose higher rates without the explicit approval of Congress.

The Budget Lab at Yale University estimates that, as of 28 July 2025, the average effective tariff rate imposed by the US on goods imports stood at 18.2%, the highest since 1934. That was up from 2.4% in 2024, before Donald Trump returned to office. That significant increase means the US government's tariff revenues have shot up.

US President Donald Trump said Thursday that the sweeping tariffs he has imposed on nations around the world were making the country "great & rich again" as governments raced to

US President Donald Trump imposed new tariffs to punish or favor major trading partners Wednesday, as governments raced to strike deals with Washington less than 24 hours before an August