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Home Business News Trump imposing tariffs could spark a full-blown trade war between the US and EU

Trump imposing tariffs could spark a full-blown trade war between the US and EU

10th Feb 25 4:24 pm

The European Union has issued a statement over Donald Trump imposing 25% tariffs on all steel and aluminium imports to America.

The European Commission issued a statement warning that should the US President impose these tariffs the UK, Europe, Canada and Mexico producers will take a hit.

The European Commission said these tariffs are โ€œunlawfulโ€ and it will be “economically counterproductive.โ€

The US President told reporters whilst onboard Air Force One, “any steel coming into the United States is going to have a 25% tariff,โ€ Trump added, “Aluminium, too.โ€

The EU Commission has hit back at the US President, saying, “At this stage, we have not received any official notification regarding the imposition of additional tariffs on EU goods.

โ€œWe will not respond to broad announcements without details or written clarification.

“The EU sees no justification for the imposition of tariffs on its exports. We will react to protect the interests of European businesses, workers and consumers from unjustified measures.

“In general: The imposition of tariffs would be unlawful and economically counterproductive, especially given the deeply integrated production chains the EU and US established through Transatlantic trade and investment.

“Tariffs are essentially taxes. By imposing tariffs, the US would be taxing its own citizens, raising costs for business, and fuelling inflation. Moreover, tariffs heighten economic uncertainty and disrupt the efficiency and integration of global markets.”

Home Office minister Dame Angela Eagle was asked on Monday over Trumpโ€™s comments over imposing a 25% tariff on steel and aluminium.

Eagle said we will have to “wait and see whether the president gets more specific about what he meant by that comment”.

She added, “We have a very balanced trading relationship with the US – I think ยฃ300 billion worth of trade between our countries – and I think it’s in the best interests of both of us, as longstanding allies and neighbours, that we carry on with that balanced trade.”

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