US President Donald Trump on Thursday threatened to hit the European Union and Canada with more tariffs if they work together “to do economic harm” to the United States, news agency AFP reported.
In a late night Truth Social post, Trump said large scale tariffs “far larger than currently planned” would be placed on these countries.
“If the European Union works with Canada to do economic harm to the USA, large-scale Tariffs, far larger than currently planned, will be placed on them both to protect the best friend that each of those two countries has ever had!” Trump posted on his TruthSocial network.
Donald Trump imposed 25% auto tariffs
The US President’s warning comes hours after he has announced 25% tariffs on auto imports and parts, provoking threats of retaliation from trading partners ahead of further promised trade levies next week.
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Wall Street slumped ahead of Trump’s Wednesday afternoon announcement, while the world’s top-selling automaker, Toyota, plunged more than three per cent.
The duties take effect at 12:01 am (0401 GMT) on April 3 and impact foreign-made cars and light trucks. Key automobile parts will also be hit within the month.
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The move even appeared to raise eyebrows from Trump ally and Tesla boss Elon Musk, who said the cost impact of the tariffs on his firm’s cars was “not trivial.”
“To be clear, this will affect the price of parts in Tesla cars that come from other countries. The cost impact is not trivial,” he posted on X.
As per reports, Trump is also eyeing sector-specific tariffs, such as on pharmaceuticals, semiconductors and lumber.
Wednesday’s announcement comes ahead of Trump’s so-called “Liberation Day” for the world’s biggest economy on April 2.
