President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
AMERICA FIRST: Trump SLAMS EU, Canada, Mexico with STEEL Tariffs
President Trump announced Thursday his plans to levy hefty tariffs on steel and aluminum on key US allies, including the European Union, Canada, and Mexico; making good on a signature campaign promise to help shield American-made products from foreign goods.
Despite the initial plan to exempt North American nations from the tariffs, the administration unveiled the new guidelines after failing to win specific trade deals with both Canada and Mexico.
Commerce Secretary Wilbur Ross said the new taxes will be a 25% surcharge on steel and 10% on aluminum; adding the tariffs could be removed in future talks while renegotiating the North American Free Trade Agreement, or NAFTA.
“The European Union has already notified the World Trade Organization of plans to levy duties on $7.1 billion worth of U.S. exports in response, with the aim of collecting $1.6 billion in tariff revenue,” writes Politico.
“We continue to be quite willing and indeed eager to have further discussions,” Ross added.
BREAKING: EU Agrees to TRADE CONCESSIONS with Trump, Will LOWER TARIFFS on US GOODS
European officials have offered concessions to the Trump administration in an attempt to avoid an all-out trade war this week; agreeing to lower tariffs for American-produced goods attempting to enter EU markets.
According to the Wall Street Journal, leading EU delegates agreed to the new terms during high-stakes negotiations with the President Wednesday; lowering industrial taxes and tariffs placed on farm goods.
“The official said European Commission President Jean-Claude Juncker and his top trade official Cecilia Malmström agreed to work with the U.S. administration to lower industrial tariffs on both sides, increase LNG exports and soy beans to Europe, and align regulatory standards to allow for medical devices to have better market access in Europe, the official said,” writes the WSJ.
More information as it develops.