US President Donald Trump on Tuesday pledged to hit the EU with tariffs, adding that a 10 percent duty on Chinese imports could also come as soon as Feb. 1.
Trump, who was speaking to reporters at the White House a day after being sworn in, cited the need to rectify the EU’s trade imbalances with the US, while taking aim once again at Beijing over fentanyl trafficking.
“They treat us very, very badly. So they’re going to be in for tariffs,” Trump said of the EU. “You can’t get fairness unless you do that.”
Photo: Bloomberg
Trump a day earlier accused the bloc of not importing enough US products, saying he would “straighten that out” by imposing duties, or by urging more oil and gas purchases.
Regarding China, Trump on Tuesday reiterated his threat to impose a 10 percent tariff, saying it was “based on the fact that they’re sending fentanyl to Mexico and Canada.”
Feb. 1 was the same date he earlier said he could impose 25 percent tariffs on Canada and Mexico, accusing them of failing to stop illegal immigration and fentanyl trafficking into the US.
Mexico, Canada and China are leading sources of goods imported by the US, trade data shows.
Beijing yesterday vowed to defend its “national interests” in response to Trump’s threats.
“We have always believed that there are no winners in a trade war or a tariff war,” Chinese Ministry of Foreign Affairs spokeswoman Mao Ning (毛寧) said.
She added that Beijing was “willing to maintain communication with the US, properly handle differences, expand mutually beneficial cooperation, and promote the stable, healthy and sustainable development of China-US relations.”
Shares in Hong Kong and Shanghai fell as traders started to worry that Trump would resume his trade dispute with Beijing, with the Hang Seng index down 1.6 percent at 19,778.77 and the Shanghai Composite index down 0.9 percent to 3,213.62 at the close.
Speaking at a meeting of global elites in Davos, Switzerland, European Commission President Ursula von der Leyen said that Europe was ready to negotiate with Trump, while maintaining that Washington remains an important partner.
The EU’s “first priority will be to engage early, discuss common interests and be ready to negotiate” with Trump, she said. “We will be pragmatic, but we will always stand by our principles, to protect our interests and uphold our values.”
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