By Ryan Hanrahan
Reuters’ Jarrett Renshaw, Bhargav Acharya and Cassandra Garrison reported that “President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.”
“In an escalation of a trade war that has angered U.S. allies and rattled investors, Trump announced the latest tariffs in separate letters to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum that were posted on his Truth Social media site on Saturday,” Renshaw, Acharya and Garrison reported. “The EU and Mexico, both among the largest U.S. trading partners responded by calling the tariffs unfair and disruptive while pledging to continue to negotiate with the U.S. for a broader trade deal before the deadline.”
“…Trump sent similar letters to 23 other trading partners this week, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% up to 50%, as well as a 50% tariff on copper,” Renshaw, Acharya and Garrison reported. “The U.S. president said the 30% rate was ‘separate from all sectoral tariffs,’ indicating 50% levies on steel and aluminum imports and a 25% tariff on auto imports would remain.
Source : illinois.edu