A day after imposing 25 per cent tariffs on Mexico and Canada and hitting China with a 10 per cent tariff, US President Donald Trump on Sunday said he would be implementing tariffs on goods from the European Union “pretty soon”.
Here Are Top Points On Trump’s Trade War:
- Donald Trump said he will “definitely” place new tariffs on the European Union, adding they have “really taken advantage of us”. “I wouldn’t say there’s a timeline, but it’s going to be pretty soon,” he told reporters while reiterating complaints about the US trade deficit with the 27-nation bloc.
- Trump has threatened EU tariffs before, including as recently as Friday when he said he’d “absolutely” apply them. “The European Union has treated us so terribly,” he had told reporters in the Oval Office. Experts belive the trade war is likely to slow US growth and increase prices
- The EU, however, on Sunday said it would “respond firmly” if the US President imposes tariffs. “The EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods,” a spokesperson said on Sunday while speaking on Trump’s tariffs on Canada, China and Mexico.
- Trump’s warning to the EU comes amid his close ally Elon Musk, the world’s wealthiest person, wading into European politics. “People of Europe: Join the MEGA movement! Make Europe Great Again!,” Musk posted on his social media platform X on Saturday, in a play on Trump’s campaign slogan “Make America Great Again”.
- Donald Trump on Sunday also said he would hold talks with the leaders of Canada and Mexico “tomorrow morning” after punishing both countries with 25 per cent tariffs.
- He also accused South Africa of “confiscating” land and “treating certain classes of people very badly” and announced he was cutting off all future funding to the country pending an investigation.
- Earlier Sunday, Trump said that Americans may feel economic “pain” from his tariffs on key trading partners, but argued it would be “worth the price” to secure US interests.
- “Will there be some pain? Yes, maybe (and maybe not!)” he wrote on his Truth Social media platform. “But we will Make America Great Again, and it will all be worth the price that must be paid.”
- “Anybody that loves and believes in the United States of America is in favour of Tariffs. They should have never ended, in favor of the Income Tax System, in 1913. The response to Tariffs has been FANTASTIC,” he said in another post.
- While Canada and Mexico immediately vowed retaliatory measures, China said it would challenge Trump’s levies at the World Trade Organization.
