US President Donald Trump has announced he will “absolutely” impose tariffs on the European Union saying the EU has treated the US “very badly”. He made this announcement as he announced new tariffs at a 25% rate on a range of Canadian and Mexican products. Chinese products have been tariffed at only 10%, however this will be additional to all already existing tariffs.
The range of products that are tariffed include electronic devices, trucks, cars, computers and car parts and agricultural products. Oil from these countries has also been tariffed.
Asked on whether he thinks these tariffs will raise prices, President Trump said that tariffs don’t cause inflation but admitted to short-term disruptions. He also said that the US had the best economy in the world between 1870 and 1913 when the US was a “tariff country”.
Newsroom
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