US President Donald Trump warned of tariffs against the European Union and hinted at a 10-percent duty on Chinese imports, citing the fentanyl crisis flowing from China via Mexico and Canada. This move comes amidst ongoing trade tensions and follows a brief moment of relief for financial markets and trade groups after Trump's initial inauguration didn't see immediate tariff implementation. Trump's stance underscores his commitment to broader duties and a Feb. 1 deadline for 25-percent tariffs on Canada and Mexico, along with tariffs on China and the EU.
US President Donald Trump on Tuesday vowed to impose tariffs on the European Union and hinted at a 10-percent punitive duty on Chinese imports due to the influx of fentanyl into the US via Mexico and Canada . Trump's pronouncements came a day after his inauguration, when he refrained from immediately implementing tariffs as he had promised during his campaign.
Financial markets and trade organizations briefly breathed a sigh of relief on Tuesday, but Trump's latest comments underscored his long-standing desire for broader duties and a new Feb. 1 deadline for 25-percent tariffs against Canada and Mexico, as well as duties on China and the EU. Trump asserted that the EU and other nations also maintained concerning trade surpluses with the United States. 'The European Union is very, very bad to us,' he reiterated, echoing comments from the previous day. 'So they're going to be in for tariffs. It's the only way... you're going to get fairness.'Trump had previously threatened a 10-percent duty on Chinese imports due to the fentanyl trade but aligned it with the Feb. 1 deadline. White House trade advisor Peter Navarro explained to CNBC on Tuesday that Trump's tariff threat against Canada and Mexico aimed to pressure them into curbing illegal immigration and illicit drugs entering the US. 'The reason why he's considering 25, 25, and 10, or whatever it's going to be, on Canada, Mexico, and China, is because 300 Americans die every day from fentanyl overdoses,' Navarro stated. Trump had announced sweeping immigration measures on Monday, including a comprehensive asylum ban. On Monday, he signed a broad trade memorandum instructing federal agencies to conduct comprehensive reviews of various trade issues by April 1. These reviews encompass analyses of persistent US trade deficits, unfair trade practices, and currency manipulation among partner countries, including China. Trump's memo sought recommendations on remedies, including a 'global supplemental tariff,' and alterations to the $800 de minimis duty-free exemption for low-value shipments often blamed for illicit imports of fentanyl precursor chemicals. The ordered reviews have created some breathing room to address reported disagreements within Trump's Cabinet nominees regarding how to approach his promises of universal tariffs and duties on Chinese goods, potentially reaching up to 60 percent. Trump's more measured approach to tariffs fueled a rally in US stocks, pushing the benchmark S&P 500 index to its highest level in a month, though Trump's new stance on China and the European Union might deflate this momentum. Trump likely 'decided to go a little slower and also to make sure he has as firm a legal foundation as he can get for these kinds of actions,' said William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington. 'He's figuring out how to best use his leverage to get what he wants.'Mexico and Canada responded to Trump's Feb. 1 deadline with conciliatory tones. Mexican President Claudia Sheinbaum stated that she would emphasize Mexico's sovereignty and independence and would respond to US actions 'step by step.' However, she asserted that the US-Mexico-Canada free trade agreement was not subject to renegotiation until 2026, a statement aimed at preempting suggestions that Trump will seek an early revamp of the pact that underpins over $1.8 trillion in annual three-way trade. Corn farmers expressed concerns about US tariffs and retaliatory duties disrupting trade with Mexico, their top export market for corn, and with Canada, the largest export destination for US corn-derived ethanol. 'We understand that he is a negotiating type of person,' Illinois farmer Kenny Hartman Jr., board president of the National Corn Growers Association, said of Trump. 'We're just hoping that we can come out of this where we don't lose the exports — we don't lose that corn going to Mexico or that ethanol going to Canada.
DONALD TRUMP TARIFFS EUROPEAN UNION CHINA FENTANYL TRADE MEXICO CANADA IMMIGRATION
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