Trump vows to launch trade war on EU

[planosteve]

Trump has threatened to start a trade war with the EU in recent months, posting on social media in December that unless the bloc buys more American oil and gas, it would be “TARIFFS all the way!!!”

However, his remarks Friday were the first time he confirmed as much. He did not say exactly what the tariffs would be or on what specific goods they would be imposed, but said he plans on “doing something substantial.”

During his first term, Trump imposed tariffs of 25 percent on steel imports and 10 percent on aluminum imports from the EU, Canada and Mexico, sparking a trade war with the bloc, which hit back with tariffs on American goods including whiskey, motorcycles and denim, worth around $6 billion.

The European Commission has said it is ready to retaliate again if Trump levies tariffs this time around.

The EU exported $576.3 billion worth of goods — nearly 20 percent of its total exports — to the U.S. in 2023, according to U.S. Census Bureau data, making America the bloc's second-largest trading partner.

Trump on Friday also announced 25 percent tariffs on goods from neighboring Canada and Mexico, and 10 percent on imports from key trade partner China, which he said would go into effect on Saturday.

Top EU officials have taken Trump’s threats to heart, as they mull how best to respond. Just two days after the U.S. president’s inauguration, the bloc's trade chief Maroš Šefčovič told POLITICO that Brussels is “ready to engage” with its American partner.

But any desire — by any country or bloc — to engage cooperatively on global trade isn't always reciprocated by the bellicose U.S. leader.

Trump has repeatedly wielded threats of tariffs to get his way, showing no hesitation about igniting trade wars in the process. Mexico and Canada got whacked, with Trump citing concerns about illegal immigration, fentanyl and trade deficits as reasons for the move.

Last weekend, Trump claimed a win after strong-arming the Colombian government into accepting deportation flights of migrants out of the U.S. by threatening to slap the country with an emergency 25 percent tariff on all imported goods. White House press secretary Karoline Leavitt said the "events make clear to the world that America is respected again."

In his last administration, Trump imposed significant tariffs on Chinese goods, prompting the government of China to retaliate in kind, wreaking havoc on American farmers.

https://www.politico.eu/article/donald- ... tent=other