Trump says EU and Mexico face 30% tariff from August
EU, Mexico to Face 30% Tariff from August
US President Donald Trump announced today that from August the European Union and Mexico will be subject to a 30% tariff on aluminum and steel imports. The decision comes in retaliation to tariffs imposed on the US by the EU and Mexico, which have been deemed as unfair by the US. The move could also impact the ongoing NAFTA renegotiations, with a Trump administration official stating that "there is a lot more that we are negotiating in NAFTA than just steel and aluminum.
"Impact on Global Trade
The decision is likely to impact global trade and have far-reaching consequences for the affected countries. Both the EU and Mexico have expressed their disagreement with the new tariffs, with an EU spokesperson stating that "we will respond firmly with countermeasures." Non-US automakers could also be hit particularly hard, as they rely heavily on imported aluminum and steel, which will now become much more expensive.
What's Next?
Trump's move comes as the US prepares to impose 25% tariffs on Chinese imports worth $34 billion, which is likely to exacerbate already strained trade relations between the two economic superpowers. The US president has made it clear that he is committed to protecting American workers and industries from what he sees as unfair practices, and we can expect more developments in the coming months.
