President Donald Trump vowed to respond to the European Union‘s new tariffs on the United States as a transatlantic trade war ramps up.
‘Of course I am going to respond,’ he told reporters in the Oval Office on Wednesday.
The EU slapped new tariffs on American goods in response to Trump’s decision to implement a 25 percent increase in tariffs on incoming steel and aluminum.
Trump didn’t specify how he intended to hit back at the EU and its decision but argues he is imposing the tariffs to ‘take back’ American wealth.
President Donald Trump vowed to respond to new tariffs from the EU
The president has beefed up tariffs on all steel and aluminum imports as part of his effort to reshape America’s trading partnership with the world. But, instead, he’s sparked a bitter trade war.
Canada also responded to Trump’s new tariffs, announcing $21 billion in new tariffs targeting imports of U.S. computers and sports gear.
The EU is targeting U.S. industrial and farm products from Republican-led states in its counter tariffs, focusing on American meat, bourbon, motorcycles, bourbon, peanut butter and jeans.
The move will cost American companies billions and escalate the trade war between the U.S. and its partner across the pond. The new tariffs go into place April 1.
Prices will go up, in Europe and the United States, and jobs are at stake, warned European Commission President Ursula von der Leyen.
‘We deeply regret this measure. Tariffs are taxes. They are bad for business, and even worse for consumers,’ Von der Leyen said.
Trump’s steel and aluminum tariffs will likely increase the cost of producing goods from home appliances to automobiles and cans used for drinks.
Even with the threats from EU and Canada, Trump is refusing to back down, arguing the U.S. is being taken advantage of.
‘The E.U. was set up in order to take advantage of the United States,’ Trump said.
He said previous presidents had ‘lost big segments’ of the U.S. economy, adding that the ‘European Union treats us very badly’.
‘We’ve been abused for a long time and we will be abused no longer,’ he said, adding that the United States would ‘win that financial battle’ with the EU.
‘Financially we will be stronger than ever before. I think the markets are going to soar when they see what’s happening,’ he said.
Trump has long spoken of his ire toward Europe, including railing against NATO.
European Commission President Ursula von der Leyen said of the new tariffs: ‘We deeply regret this measure’
Meanwhile, Trump repeated his promise that retaliatory tariffs are coming from the United States on April 2nd.
‘April 2nd is going to be a very big day for the United States of America,’ he said. ‘The United States of America is going to take back a lot of what was stolen from it by other countries, and by frankly incompetent U.S. leadership. Grossly incompetent.’
‘We´re going to take back our wealth, and we´re going to take back a lot of the companies that left,’ he added.