Trump Plans 25% Tariffs on EU Goods, Announcement Coming Soon (Credit: BBC)
U.S. President Donald Trump has announced plans to impose a 25% tariff on goods made in the European Union (EU), including cars and other products. According to the BBC, Trump said the announcement will come “very soon” and criticized the EU for policies he claims hurt American businesses.
“The European Union was formed to screw the United States—that’s the purpose of it, and they’ve done a good job of it,” Trump said during a meeting with his cabinet. “But now I’m president.”
The EU quickly responded, rejecting Trump’s claims. A spokesperson for the European Commission said the EU would act “firmly and immediately” against any unfair tariffs. “We’re ready to partner if you play by the rules. But we will also protect our consumers and businesses at every turn,” the spokesperson added, as reported by the BBC.
Tariffs are taxes on imports, paid by companies bringing goods into the U.S. Trump has used tariffs as a tool to boost U.S. manufacturing, raise money, and pressure other countries to change trade policies he disagrees with.
However, Trump’s trade plans have often been unpredictable. Earlier this month, he delayed 25% tariffs on goods from Mexico and Canada, America’s top trading partners, to allow more time for talks. On Wednesday, he suggested those tariffs might now take effect on April 2, the same day the Commerce Department is expected to release broader recommendations for “reciprocal” tariffs on other countries.
The uncertainty has left businesses and analysts guessing about what will happen next. Meanwhile, U.S. stock markets, including the Dow Jones, S&P 500, and Nasdaq, dropped during midday trading as investors reacted to the news.
Trump’s focus on tariffs reflects his broader goal of reshaping global trade to benefit the U.S. But his approach has sparked tensions with allies and trading partners, raising questions about the long-term impact on the economy.
For now, all eyes are on the upcoming announcement about EU tariffs and how the EU will respond.
Source: BBC
https://www.bbc.com/news/articles/c05ml3q2gn7o