Trump announces doubling of steel and aluminum tariffs, EU prepares for the worst.
Following the announcement by the US that steel and aluminum import tariffs will be raised to 50%, the European Commission issued a statement on the 31st expressing "strong regret". The EU stated that if "no mutually acceptable solution can be found", its "countermeasures" will "come into effect on July 14th, and may take effect earlier if necessary".
US President Trump announced that starting next Wednesday (June 4th), the import tariffs for steel and aluminum will double from 25% to 50%, marking the latest move in his trade war.
On May 30th, speaking at the Mon Valley Works steel plant of U.S. Steel in Pennsylvania, President Trump said, "We will raise the steel import tax from 25% to 50%... no one can avoid it."
He then posted on social media that the tariff increase also applies to imported aluminum. In his speech, he insisted that tariffs protect American industries, pointing out that without the tariffs imposed on metal imports during his first term, the steel plant in Pennsylvania would not exist.
On May 30th, the US President addressed workers wearing hard hats and reflective workwear from the podium, confirming that the level of tariffs will reach an extent where "no one can escape".
Since returning to the White House in January, Trump has made tariffs a core part of his policy, using them as a tool to negotiate concessions from foreign countries under the pretext of protecting domestic industries and securing new sources of public revenue.
Tariffs have been imposed on specific industries (steel, aluminum, cars), specific countries (China, Canada, Mexico), and even globally - including goods that cannot be obtained domestically in the US, such as cocoa...
Trump has erected one tariff barrier after another for products entering the US, only to partially change policies later. Facing Trump's uncertainty, the EU is also preparing for the worst.
Original source: https://www.toutiao.com/article/1833684828844041/
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