Trump Plans to Implement 25% Tariffs on EU, Claims Bloc Aims to Undermine US
Click to start listening
Synopsis
US President Donald Trump announced plans to impose 25% tariffs on EU products, claiming that the bloc was designed to undermine the US. He highlighted the trade deficit with the EU and indicated that similar tariffs will also apply to Canada and Mexico.
Key Takeaways
- Trump to implement 25% tariffs on EU imports.
- Claims EU was formed to undermine the US.
- US has a $300 billion trade deficit with the EU.
- Tariffs on Canada and Mexico are also set to proceed.
- Overall tariffs against more nations to begin on April 2.
Washington, Feb 27 (NationPress) US President Donald Trump has announced that his administration has decided to implement 25 percent tariffs on goods imported from the European Union (EU), which includes automobiles, and asserted that the EU—a bloc comprising 27 nations—was "created to undermine the US".
"We have reached a decision. We will be making an announcement shortly, and it will generally be a 25 percent tariff, affecting cars and various other products," Trump stated to reporters during a White House Cabinet meeting on Wednesday.
The EU stands as the third largest trading partner of the US, following China. Trump has indicated that he plans to impose similar tariffs on the US's two biggest trading partners, Canada and Mexico, in the upcoming week.
Trump asserted that the European Union has "exploited" the United States.
"They do not accept our automobiles, nor do they essentially accept our agricultural products. They provide a multitude of justifications for this. Meanwhile, we accept everything from them, resulting in a $300 billion trade deficit with the European Union," he remarked.
Politico previously noted that this $300 billion deficit is exaggerated.
"In 2023, the US goods trade deficit with the EU was 155.8 billion euros, according to EU statistics. In contrast, the US achieved a surplus of 104 billion euros in services, resulting in an overall trade balance of 51.8 billion euros (approximately $56 billion)," the report indicated.
When a reporter inquired if he would postpone tariffs on Mexico and Canada due to advancements in border control, Trump affirmed that he would not delay the tariffs and attributed the surge of fentanyl to "millions of fatalities".
"I will not halt the tariffs. No," Trump responded.
US Secretary of Commerce Howard Lutnick clarified two important deadlines concerning the tariffs. Previously, tariffs on Mexico and Canada had been postponed for one month and are scheduled to commence on March 4, pending satisfactory actions from the two nations regarding fentanyl control.
Trump stated that "meeting the requirements will be challenging".
Lutnick also mentioned that comprehensive tariff measures against additional countries will be initiated on April 2.
On February 1, Trump issued an executive order to enforce a 25 percent tariff on goods imported from Mexico and Canada, with a 10 percent tariff increase specifically targeting Canadian energy products.
On February 3, Trump declared that the extra tariffs on imports from Mexico and Canada would be deferred for one month to allow more negotiation time.
On Monday, Trump affirmed that tariffs on Mexico and Canada will "move forward".
