U.S. President Donald Trump has warned that the European Union will soon face tariffs, adding to the growing trade disputes, following his recent tariffs on Canada, Mexico and China. Trump said the move was necessary to address the trade deficit between the U.S. and Europe and urged European nations to buy more American cars and agricultural products.
His comments come after he imposed a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods. In response, Canada has announced a 25% tariff on U.S. products starting Tuesday, while Mexico is preparing to reveal its own countermeasures. The tariffs have already raised concerns about higher costs for American consumers and businesses, with the U.S. stock market and Asian shares showing signs of instability.
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Canadian Prime Minister Justin Trudeau has said that while his country does not want to escalate the dispute, it will take steps to protect its economy. Canada is also pursuing legal action, arguing that the U.S. tariffs violate international trade rules. China, on the other hand, has threatened to file a complaint with the World Trade Organisation and has promised to take steps to safeguard its economy.
Despite growing criticism, Trump has defended his tariffs, insisting that they are necessary to correct what he sees as unfair trade practices. He acknowledged that they could cause short-term economic challenges but argued that they would ultimately benefit the U.S. economy.
With the European Union now also facing potential tariffs, global trade tensions continue to rise and markets remain on edge as countries prepare their responses.
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