Trump declares 30 percent tariffs on EU, Mexico
(MENAFN) President Donald Trump announced on Saturday that the United States will implement 30% tariffs on imports from two major trading partners, the European Union and Mexico, starting August 1. This follows recent tariff increases on key Asian allies and several BRICS countries.
Trump shared the news in letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum, which he posted on Truth Social. He criticized Mexico for insufficient efforts to combat fentanyl trafficking into the US, stating the tariff could be reduced if Mexico succeeds in curbing cartel activity and the opioid flow.
In his letter to von der Leyen, Trump condemned the EU’s trade deficit with the US and indicated that the tariff might be lowered if the EU removes its tariffs and trade barriers against American products. These new tariffs are in addition to existing sector-specific tariffs, such as the 25% levies on steel, aluminum, and automobile imports imposed earlier this year.
Trump also warned that he would increase tariffs if the EU or Mexico retaliates and that he would waive tariffs on imports from companies that choose to build or manufacture products within the US.
Mexico and the EU are among the US’s largest trade partners, exporting $505 billion and $606 billion worth of goods to the US last year, respectively.
Responding to the announcement, von der Leyen said the EU is working toward a resolution before August 1 but will defend its interests with proportionate countermeasures if needed. She also expressed concern that the trade conflict could cause lasting damage to EU-US relations, saying the relationship “may never go back to what it used to be.”
Earlier this year, Trump had imposed 20% tariffs on EU imports, prompting retaliatory measures from Brussels. Though the US later reduced many tariffs to 10% amid market turmoil, the freeze expired recently, and no final trade deal has been reached between Washington and Brussels.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
