US President Donald Trump has announced his intention to impose tariffs on goods from the European Union, citing what he claims are unfair trade practices by the EU. When asked about the potential tariffs during a press conference at the White House in Washington on Friday, Trump replied, “Will I be imposing tariffs on the European Union? Absolutely, absolutely.”
He further elaborated, “We’re being treated very unfairly. They take our cars, they take our agricultural products, in fact, they take almost nothing.”
Trump pointed out a significant trade deficit with the EU, stating, “So we’re going to do something very substantial with the European Union.” He did not provide further details.
The President also announced that the US would be imposing tariffs on steel, copper, aluminum and computer chips, as well as “all kinds of medicine and pharmaceuticals” in the coming weeks.
During the presidential campaign, Trump had proposed tariffs of 10 to 20 percent on goods from all countries. The new tariffs on goods from China, Canada and Mexico are set to take effect on February 1. Tariffs of 25 percent will be imposed on goods from Mexico and Canada, while those from China will be subject to a 10 percent tariff, in addition to existing tariffs.
The European Commission has already begun preparing for the new presidency, with EU Economic Commissioner Valdis Dombrovskis stating in a recent interview with CNBC that the EU would respond to the introduction of US tariffs, “if it is necessary to defend our economic interests, we will react in a proportionate manner.”
A trade war between the US and the EU had previously occurred during Trump’s first term, with the US imposing tariffs on steel and aluminum imports in 2018. The EU responded by imposing tariffs on US products such as whiskey, motorcycles and jeans. Following his re-election in November, Trump had threatened the Europeans with “tariffs without end” if they did not import oil and gas from the US.