US President Donald Trump has indicated that the European Union (EU) could also be subsequent to the tariff when he slapped 25% levy on items from Mexico and Canada with extra 10% tax on imports from China,
While arriving in Maryland from Florida, Trump advised the BBC that the tariffs on the European Union items imported within the US might be “very soon”.
He stated, “They do not take our cars, they do not take our farm products, they take almost nothing and we take everything from them. Millions of cars, tremendous amounts of food and farm products,” he gave journalists Told it.
The US President stated that he loved good relations with the British Prime Minister Sir Kir Stmper, and might be labored on enterprise points with Britain.
Asked by the BBC whether or not there’s a time -longline to declare tariffs on the European Union, Trump stated: “I wouldn't say that there is a time -line, but it is going to happen very soon.”
For its share, the 27-member block condemned Trump's determination to proceed with tariffs towards Canada, Mexico and China, and warned that it’s going to “answer firmly” if it turns into a purpose ” .
Mexico and Canada have vowed to take anti -retaliation, while China said it could take “this counter measures”.
On trade with the UK, the US President said that the country was “out of line”, but he said issues could be resolved.
Trump said, “Britain is out of line. But I’m certain one, I believe one, might be labored,” said Trump.
The US President also discussed his relations with the British Prime Minister, who said that “superb”.
He stated, “We have held some conferences. We have many cellphone calls. We are getting collectively very properly.”
Tariffs are taxed on imported goods from other countries. The allegations are seen as a tool to protect domestic industries from foreign competition.
The purpose of increasing the price of imported goods is to encourage consumers to buy cheap domestic products rather than helping to promote their economy growth.
Most tariffs are determined as a percentage of the value of the goods and the importer normally pays it.
But the given countries often respond to tariffs, matching their own measures, businesses and consumers in both countries can be affected.
Trump has threatened to impose tariffs on goods imported into the US from the European Union to address his country's long -lasting trade deficit with blocks, which is when a country imports more than exports.
Some 20 European Union member states exported more to the US than the Eurostat, compared to imported in 2023. The largest surplus country was Germany, which was inspired by car and machinery exports, followed by Italy and Ireland.
Trump has repeatedly complained about the European Union car exports to the US, less vehicles have been sent in another way.
Last week, British Business Secretary, Jonathan Reynolds, Told the BBC that the UK should be exempted from any tariffGiven that the US does not have a goods trade deficit with the UK.
Following Trump's comments, the London's FTSE 100 stock index of the UK's largest publicly listed companies fell by more than 1% on opening.
The shares of some of the largest European car manufacturers also slipped after concerns over potential import duties to the US.
Volkswagen, BMW, Porsche, Volvo Car, Stellentis, and truckmaker Daimler trucks all fell between about 5% and 6%. French car parts supplier of Valeo slipped 8%.
Analysts of Investment Bank Stifel Analysts wrote in a note, “We consider that about 8 billion euros ($ 8.18 billion) of VW are affected by tariffs and about 16 billion euros are affected by the income income.”
The possibility of high taxes being offered on imports in the US is related to many world leaders, as it will make it more difficult for companies to sell goods in the world's largest economy.
But Tariff is a central a part of Trump's financial coverage. He sees them as a strategy to improve the American financial system, shield jobs and enhance tax income.
With inputs from BBC