Trump threatens further tariffs on US trading partners
The US president tweeted from the White House that ‘Tariffs are the greatest!’
US president Donald Trump has declared that “Tariffs are the greatest!” and threatened to impose additional penalties on America’s trading partners as he prepares for negotiations with European officials at the White House.
Mr Trump tweeted from the White House that US trade partners need to either negotiate a “fair deal, or it gets hit with Tariffs. It’s as simple as that”.
Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that - and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be Great!— Donald J. Trump (@realDonaldTrump) July 24, 2018
The US president has engaged in hardline trading negotiations with China, Canada and European nations, seeking to renegotiate trade agreements he says have undermined the nation’s manufacturing base and led to a wave of job losses in recent decades.
The imposition of punishing tariffs on imported goods has been a favoured tactic by Mr Trump, but it has prompted US trading partners to retaliate, creating risks for the economy.
Mr Trump has placed tariffs on imported steel and aluminium, saying they pose a threat to US national security, an argument that allies such as the European Union and Canada reject.
Countries that have treated us unfairly on trade for years are all coming to Washington to negotiate. This should have taken place many years ago but,— Donald J. Trump (@realDonaldTrump) July 24, 2018
as the saying goes, better late than never!
He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that last year totalled 335 billion dollars (£255 billion).
The president has already put tariffs on 34 billion dollars (£26 billion) in Chinese imports in a separate dispute over Beijing’s high-tech industrial policies. Mr Trump has threatened to ratchet that up to more than 500 billion dollars (£380 billion), a move that has left financial markets uneasy. Beijing’s retaliatory tariffs have hit American soybeans and pork.
Mr Trump wrote on Twitter that the US is a “‘piggy bank’ that’s being robbed”.
He noted that countries “that have treated us unfairly on trade for years” are coming to Washington to negotiate.
The president is meeting with European Commission President Jean-Claude Juncker on Wednesday.
The US and European allies have been at odds over the president’s tariffs on steel imports and are meeting as the trade dispute threatens to spread to automobile production.