Trump: We will consider countries that use a value-added tax system as a tariff

• Sending merchandise through another country to avoid tariffs will not be accepted
• Says he's decided to charge reciprocal tariffs
• Provisions will be made for non-monetary tariffs, such as tests on cars
• Provisions for non-monetary tariffs will include limitations on trade
• Lutnick will be coming up with numbers equivalent to limitations and other non-tariff barriers
• Other countries can reduce or eliminate tariffs
• Says EU lowered tariffs on cars to 2.5%, so that's a big win (I don't believe the EU has announced this)
• We want a level playing field
• Reciprocal tariffs will bring fairness back

More to come but the euro has dipped initially on the headlines

Here is a simple primer on how European VATs work.