The Trump administration formally implements its trade agreement with the EU, lowering auto tariffs to 15% – a rate that applies retroactively from Aug. 1. Airplanes, generic pharmaceuticals and unavailable natural resources like cork are exempt from 15% tariffs and will instead face most-favored nation tariffs, which are zero or close to zero.

Exporting countries are sticking to their economic models, frustrating U.S. hopes that levies can fix imbalances.