Tomorrow comes the customs tariffs, the EU responds to Trump: Ready to avenge!
Amid Donald Trump’s numerous trade threats, all eyes are on Wednesday, where the US president is expected to come into force. Trump has called April 2 as « Liberation Day », promising that by imposing a series of customs duties for imports from other countries, the US will become less dependent on foreign goods.
One response came from the EU before these tariffs come into force. European Commission President Ursula von der Leyen, during the PEN session in Strasbourg, said the EU is ready to respond to tariffs set by Trump. She said the Union seeks dialogue, but does not intend to stay passive in the face of trade attacks by the United States.
« Many Europeans feel deeply disappointed by the announcements coming from the United States. Europe did not start this clash. We consider it wrong.
She underlined that the EU strategy relies on three main pillars: negotiations, diversifying trade relations, starting with China, and strengthening the internal market. According to her, this collision is not in anyone’s interest and will only lead to increased inflation.
On the other hand, Trump has argued that tariffs protect the US industries from unfair foreign competition and raise money for the federal government, but economists point out that broad customs tariffs at the rates suggested by the US president may fail.
Speaking on the board of Air Force One the day before, Trump confirmed that these fees would be implemented universally, unlike as soon as it would aim for certain places.
Tariffs set by Trump:
Steel and aluminum
A 25% US fee for steel and aluminum imports from all countries came into force on March 12. The European Union has responded to those opposed to $ 28 billion in US goods starting in April. However, the EU delayed the implementation of some of these tariffs by mid-April, including a 50% US whiskey fee, which led Trump to threaten a 200% fee for European alcoholic beverages.
Canada and Mexico
25% of Trump’s total tariffs on its neighbors came into force on March 4. Just two days later, Trump confirmed that the US would suspend fees for goods and services in accordance with the United States-Mexico-Kanada (USMCA) agreement until April 2. For her part, Canada retaliated with new dollars of steel for several billion dollars.
China
Trump has approved new total tariffs of about 20% over existing 10% tariffs that came into force during Trump’s first term. China responded with up to 15% tariffs for US farm goods such as chicken and pork, which came into force on March 10.
Venezuela
Trump said the US will impose a « secondary fee » on Venezuela, which will take effect on April 2 – any country that buys oil or gas from Venezuela will face a 25% fee when trading with US
