On Wednesday, US President Donald Trump threatened to escalate a global trade war with tariffs on European Union goods, as trading partners said they would retaliate for trade barriers.
Just hours following the 25 % duties imposed by Trump on all US steel and aluminium imports took effect, the US President said he would impose additional penalties if the EU continues with its counter-tariffs plan on some US goods next month.
‘All Will Lose’: UN Chief
UN Secretary-General Antonio Guterres has warned against this tariff war and said that “all will lose” when countries get into such situations.
Guterres said, “I think we live in a global economy. Everything is interlinked. And obviously, one of the great advantages of having a situation of free trade is to create the conditions for all countries to benefit. When we enter into a trade war, I believe all will lose”.
Canada Firm On Retalitory Tariffs
“We will not stand idly by while our iconic steel and aluminum industries are being unfairly targeted,” Canada’s Finance Minister Dominic LeBlanc was quoted by Reuters. Meanwhile, the 27 countries of the European Union are less exposed.
EU Retaliates Against Trump’s Tariffs
The European Commission has announced it would launch swift countermeasures on US imports into the European Union in reply to the tariffs imposed by the US on EU steel and aluminium imports.
The European Commission expressed regret over the US decision to impose US tariffs, calling them unjustified, harmful to businesses and consumers, often resulting in higher prices.
Trump To Respond With Further Tariffs
Trump said he would respond with further tariffs if the EU followed through on its plan. With Irish Prime Minister Micheal Martin at his side, Trump criticised the EU member country for luring away US pharmaceutical companies.
Trump Continues Tariff Tirade Against India, China
Trump upended global trade, targeting friends and foes alike. Despite having close relations with India, Trump has time and again called out the country for the high tariffs that it imposes on American products.
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