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By David Lawder and Andrea Shalal
WASHINGTON (Reuters) – U.S. President Donald Trump on Tuesday vowed to hit the European Union with tariffs and said his administration was considering imposing a 10% penalty on Chinese imports because fentanyl is shipped from China to the US via Mexico and Canada.
Trump made his latest threat of tariffs when he spoke to reporters at the White House a day after taking office without imposing tariffs immediately as he had promised during the campaign his.
Stock markets and business groups ended up short on Tuesday, but his latest comments underscored Trump’s long-term desire for broader jobs and a new Feb. 1 for tariffs of 25% against Canada and Mexico, as well as duties in China and the EU.
Trump said the EU and other countries also have a large trade deficit with the United States.
“The European Union is very bad for us,” he said, echoing comments made on Monday. “So they’re going to be there for the charges. That’s the only way … you’re going to get justice.”
Trump said on Monday that he is considering imposing duties on Canada and Mexico unless they reduce the trafficking of illegal immigrants and fentanyl, including the chemical from China, across the country’s borders. see US.
Trump had previously threatened a 10% duty on Chinese goods over trade, but reversed that at the Feb. deadline. 1.
White House trade adviser Peter Navarro told CNBC earlier on Tuesday that Trump’s threat to Canada and Mexico was to pressure the two countries to stop illegal immigrants and illegal drugs from entering the US.
“The reason he’s thinking about 25, 25 and 10 (percent), or whatever it’s going to be, in Canada, Mexico and China, is because 300 Americans die every day” because of fentanyl overdoses, Navarro said.
Trump on Monday announced a tough immigration crackdown, including a broad ban on asylum.
1 APRIL REPORTS
Trump on Monday signed a broad trade memorandum ordering federal agencies to complete a comprehensive review of various trade issues by April 1.
These include assessments of persistent US trade deficits, unfair trade practices and currency manipulation among partner countries, including China. Trump’s memo asked for recommendations on remedies, including a “global surcharge,” and changes to the $800 de minimis tax exemption for low-value shipments often blamed on illegal imports. fentanyl chemicals.
The reviews were ordered to create a breathing space to resolve reported differences among Trump’s cabinet nominees over how to meet his promises of tariffs and duties on Chinese goods of up to 60%.
Trump’s more measured approach to tariffs fueled a rally in US stocks that pushed the level to the highest level in a month, although Trump’s new salvo on China and the European Union could lower that rate.
Perhaps Trump “decided to go slow and make sure he has a solid legal basis to get these kinds of actions,” said William Reinsch, a business analyst at the Center for International Policy Studies in Washington. . “He’s still finding a way to use his power to get what he wants.”
SAME DECEPTION
Mexico and Canada adapted due to Trump’s March 1 deadline. Mexican President Claudia Sheinbaum said she will emphasize Mexico’s sovereignty and independence and will respond to US actions “step by step.”
But he also said the US-Mexico-Canada free trade agreement was not due to be renegotiated until 2026, a comment intended to fuel suggestions that Trump would seek an early overhaul of the deal that supports the more than $1.8 trillion in annual three-way trade. .
Farmers are concerned about US tariffs and retaliatory duties that are disrupting trade with Mexico, their top export customer for corn, and Canada, the top export customer for corn-based ethanol. of America.
“We understand he’s a negotiator,” Illinois farmer Kenny Hartman Jr., board president of the National Corn Growers Association, said of Trump. “We’re hoping we can get out of here where we don’t lose exports – we don’t lose corn to Mexico or ethanol to Canada.”
