Starting with the 2026 model year this fall, automakers are preparing to pass on billions of dollars in new costs to buyers, either directly or indirectly.

America’s largest retailer, Walmart is raising prices because of tariffs. CEO Doug McMillon said that tariffs have created pressures for the company and it’s seeing its “costs increase each week.” CNN’s Vanessa Yurkevich reports.

The United States has agreed to limit tariffs on pharmaceuticals, lumber and semiconductors imported from the European Union to 15%, according to an agreement released Thursday

The EU-US trade agreement is poised to cut the US import tax on cars from the EU from 27.5% to 15%. However, details released Thursday reveal that the lower rate won’t take effect until the EU takes separate action to reduce its own tariffs on US goods.

The United States and the European Union on Thursday locked in a framework trade deal reached last month that includes a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.

In exchange, the EU will remove tariffs on U.S. goods and European companies will aim to buy hundreds of billions of dollars in U.S. products. "This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies' reindustrialization,