Keystone
According to President Donald Trump, the USA will impose tariffs of 25 percent on imports of steel and aluminum from Monday. He also announced the imposition of further tariffs on Tuesday or Wednesday.
Trump made the announcements on Sunday in conversation with media representatives during his flight to the Super Bowl – the US football final – in New Orleans. They will affect all countries, Trump continued. Exceptions would also not apply to neighboring Canada and Mexico.
Trump also declared on the flight to the Super Bowl that he would announce “reciprocal tariffs”. This means that the USA would impose import tariffs on products if another country imposes tariffs on US goods. “Quite simply, if they charge us something, we charge them something,” explained the US President.
When asked by a reporter when the tariffs would come into force, Trump replied: “Almost immediately.” He said he would announce the new tariffs on steel and aluminum on Monday and the others “probably on Tuesday or Wednesday”.
Trade war had initially been averted
It was only at the beginning of the week that a North American trade war with uncertain consequences for the global economy was averted for the time being. Trump agreed to concessions, primarily on border security, just a few hours before threatened punitive tariffs of 25% on goods from neighboring Mexico and Canada were due to come into force. In return, he postponed the trade restrictions for at least 30 days.
However, the US President did not hold back when it came to economically powerful rival China: punitive tariffs of ten percent on all Chinese goods came into force on Tuesday.
Following his return to the White House, Trump also renewed his tariff threat against the European Union. Trump wants to strengthen the USA as a production location and reduce the trade deficit with Europe.
EU determined to act
The EU recently showed its resolve towards Trump at a summit in Brussels. German Chancellor Olaf Scholz and French President Emmanuel Macron announced European countermeasures should the US impose additional tariffs on EU goods.
EU Commission President Ursula von der Leyen expressed her willingness to negotiate. “We will be ready for difficult negotiations where necessary and find solutions where possible,” von der Leyen announced in a speech to EU ambassadors in Brussels on Tuesday.
EU diplomats said that the European Commission had already been preparing possible countermeasures for some time. During Trump’s first term in office, the EU countered new levies on steel and aluminum products from Europe with special tariffs on bourbon whiskey, Harley-Davidson motorcycles and jeans, among other things. How strongly the EU reacts this time will depend on Trump’s specific tariff decision.
