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President Donald Trump speaks at a joint press conference with the Prime Minister of Great Britain, Theresa May (not in the photo) in London, Great Britain, June 4, 2019.
Carlos Barria | Reuters
The president of the United States, Donald Trump, said on Sunday that commercial tariffs would be imposed to the European Union and the United Kingdom, but said it could still be resolved with Britain.
Trump has sent a tail to global markets after following his threat of imposing import rates on the largest commercial partners of the United States, applying a 25% rate on imports of Mexico and Canada and a tax of 10% of China’s assets. Tariffs will take effect on Tuesday.
The three countries They have criticized the levies. Canada has retaliation with its own sanctions on US imports, with Mexico threatening to do the same. China said it would file a lawsuit with the World Trade Organization.
He asked Sunday about the perspective of tariffs on assets of the United Kingdom and the European Union (EU), Trump He told the BBC That both acted “offline”, but that the EU was behaving worse, and that the tariffs could be imposed on the block “very soon.”
“They do not take our cars, they do not take our agricultural products, they take almost nothing and we take everything away. Millions of cars, huge amounts of food and agricultural products,” he said while arriving in Maryland. He said there was no timeline to impose rates, but that they would come “very soon.”
As for Great Britain, with whom the United States has a more nuanced commercial relationshipThe president said he believed that an agreement could still be reached.
“The .uk is out of place. But I am sure that one, I think, can be resolved,” Trump said, adding that he was “carrying well” with the United Kingdom Prime Minister Keir Starmer.
Commercial balances
President Trump has long accused several largest commercial partners in the United States to exploit the United States, citing large and persistent commercial deficits. Trump sees tariffs as a way of correcting balance, arguing that policy will boost jobs and growth of the United States. Critics warn that Levies will also damage US citizens, since costs are transmitted to consumers.
The EU is seen as the next in the Trump Rate list, since it is the largest block to entertain trade with the United States and has been frequently criticized by its persistent commercial surplus with the United States. European Commission data shows that the EU had a commercial surplus of 155.8 billion euros ($ 159.6 billion) with the US for goods in 2023, but had a deficit of 104 billion euros in the services.
Machinery and vehicles constitute most of the EU exports to the USA by product group, followed by chemicals, other manufactured products and medicinal and pharmaceutical products.
The new cars of several brands are parked for export in the parking lot of a car terminal in the port of Duisburg, western of Germany, on August 7, 2024.
INA FASSBENDER | AFP | Getty images
Trump described Sunday the United States trade deficit with the EU as an “atrocity”, repeating its previous comments that the block had “took advantage of” its relationship with the United States.
“I can tell you that, because they really took advantage of us. And, you know, we have more than a deficit of $ 300 billion. I would not say that there is a timeline (for tariffs), but it will be very soon,” he said, “he said Trump
EU officials have previously suggested that the block could respond to US tariffs. “Proportionally” With the European Commission on Sunday, echoing that “he would respond firmly.”
“Tariff measures thorough.
“At this time, we are not aware that additional tariffs are imposed on EU products. Our commercial and investment relationship with the US. It is the largest in the world. There is much at stake. We should both be looking to strengthen This relationship, “added the commission spokesman.
Great Britain outside the hook?
The president of the United States, Donald Trump, inspected an honor guard during a welcome ceremony at Buckingham Palace in downtown London on June 3, 2019, the first day of his three -day state visit to the United Kingdom
Mandel and | AFP | Getty images
The latest commercial data of the United Kingdom It shows that the United Kingdom had a commercial surplus of £ 4.5 billion ($ 5.5 billion) with the USA. In goods, in the four quarters that end in the second quarter of 2024.
Economists have previously noticed that the most balanced trade and the “special relationship” between the two countries It could allow Great Britain to escape relatively undead of a possible commercial war.
The Labor Government has sought to fly under the radar of Trump’s tariff wrath, and the Minister of Finance, Rachel Reeves, tells CNBC in the World Economic Forum in Davos last month that The United Kingdom “was not part of the problem” of persistent “commercial deficits” Trump wants to address.
On Monday, a British government spokesman said: “We have a fair and balanced commercial relationship that benefits both sides of the Atlantic”, in the comments informed by Reuters. CNBC has requested more government comments and is waiting for an answer.
The tariff threat will surely be at the discussions center when Starmer joins EU leaders in Brussels on Monday to discuss the region’s defense strategy. It is likely that the risk of a commercial war has a high level of the agenda, since Great Britain and the EU seek to deepen economic and political ties five years after the United Kingdom left the block.
The Prime Minister of Britain, Keir Starmer, speaks at a press conference, during his visit to the headquarters of the European Commission on October 2, 2024 in Brussels, Belgium.
Pool | Getty Images News | Getty images
The perspective of tariffs comes at a time already difficult for the EU, since both the euro zone and the widest EU block are fighting economically. Data published last Thursday showed the economy of the Plana Zone in the fourth quarterwhile The EU obtained a 0.1% growth in the same periodfrom the previous room.
Deutsche Bank’s strategists said in a research note on Monday that any tariff that Trump collected on the EU with a “serious blow” to the economy of the region, emphasizing “if the EU has to withstand 10%tariffs From our economists it has been previously.
It is likely that Europe will be affected with some holders of holders, according to Holger Schmieding, Berenberg Bank chief economist, but the block could seek to make an agreement with the transactional Trump.
“By increasing military spending and increasing the imports of liquid natural gas from the US A gradual spring growth firm onwards after just a growth during winter, “Schmieding said in comments sent by email on Monday.
