President Donald Trump already announced widespread tariffs on major U.S. trading partners. Now, he’s putting the European Union on high alert. Trump warned Sunday, Feb. 2, it’s only a matter of time before he imposes tariffs on the EU.
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“It will definitely happen with the European Union. I can tell you that because they’ve really taken advantage of us. And, you know, we have over a $300 billion deficit,” Trump said. “They don’t take our cars, they don’t take our farm products. They take almost nothing and we take everything from them. Millions of cars, tremendous amounts of food and farm products.”
“It’s an atrocity what they’ve done,” Trump added.
According to U.S. Trade Representative data from 2022, the U.S. imports about $200 billion more in goods from Europe than the U.S. exports to Europe. That would be a $200 billion goods trade deficit.
When you add services, the deficit goes down to $130 billion.
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Trump’s EU warning comes after he signed executive orders to put 25% tariffs on imports from Mexico and Canada and 10% on imports from China. He tied tariffs on these three countries to the fentanyl crisis and immigration.
But, Mexico is already off the hook, at least for now.
Trump announced Monday, Feb. 3, he is putting an “immediate pause” on Mexico tariffs after Mexican President Claudia Sheinbaum agreed to send 10,000 soldiers to the border to prevent drug trafficking and illegal immigration.
The pause is for one month while leaders on both sides negotiate.
National Economic Council Director Kevin Hassett denied this is a “trade war” on CNBC, Monday morning, while Canada’s fate is still up in the air.
“This is 100 percent about a drug war, it’s 100 percent about fentanyl,” Hassett said.
President Trump is expected to speak with Canadian Prime Minister Justin Trudeau Monday.
Meanwhile, the EU is vowing to stand up to Trump’s tariff threats.
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French President Emmanuel Macron said Monday that Trump’s promise is “pushing the EU to be more united and more active to respond to issues of collective security.”
The bloc’s foreign policy chief said there will be “no winners in a trade war.”
[Simone Del Rosario]
PRESIDENT DONALD TRUMP ALREADY ANNOUNCED WIDESPREAD TARIFFS ON MAJOR U-S TRADING PARTNERS – NOW, HE’S PUTTING THE EUROPEAN UNION ON HIGH ALERT.
THE PRESIDENT WARNED SUNDAY IT’S ONLY A MATTER OF TIME BEFORE HE IMPOSES TARIFFS ON THE EU.
It will definitely happen with the European Union. I can tell you that because they’ve really taken advantage of us. And, you know, we have over a $300 billion deficit. They don’t take our cars, they don’t take our farm products. They take almost nothing and we take everything from them. Millions of cars, tremendous amounts of food and farm products.
The European Union is, it’s an atrocity what they’ve done
ACCORDING TO U-S TRADE REPRESENTATIVE DATA FROM 2022 – THE U-S IMPORTS ABOUT $200 BILLION MORE IN GOODS FROM EUROPE THAN THE U-S EXPORTS TO EUROPE. THAT WOULD BE A $200 BILLION GOODS TRADE DEFICIT.
WHEN YOU ADD SERVICES TO THE EQUATION, THE DEFICIT GOES DOWN TO $130 BILLION.
TRUMP’S E-U WARNING … COMES AFTER HE SIGNED EXECUTIVE ORDERS TO PUT 25 PERCENT TARIFFS ON IMPORTS FROM MEXICO AND CANADA … AND 10 PERCENT ON IMPORTS FROM CHINA. HE TIED TARIFFS ON THESE THREE COUNTRIES TO THE FENTANYL CRISIS AND IMMIGRATION.
BUT MEXICO IS ALREADY OFF THE HOOK – AT LEAST FOR NOW.
TRUMP ANNOUNCED MONDAY HE IS PUTTING AN “IMMEDIATE PAUSE” ON MEXICO TARIFFS AFTER MEXICAN PRESIDENT CLAUDIA SHEINBAUM AGREED TO SEND 10-THOUSAND SOLDIERS TO THE BORDER TO PREVENT DRUG TRAFFICKING AND ILLEGAL IMMIGRATION.
THE PAUSE IS FOR ONE MONTH WHILE LEADERS ON BOTH SIDES NEGOTIATE.
CANADA IS STILL IN THE CROSSHAIRS. NATIONAL ECONOMIC COUNCIL DIRECTOR KEVIN HASSETT DENIED THIS IS A “TRADE WAR” ON CNBC MONDAY MORNING.
1:28 the canadians appeared to have misunderstood the plain language of the EO .. they’re interpreting it as a trade war … and I think that’s prob consistent with the policies we’ve seen from this failed govt in the past.. Where they’ve let their own drug problem get out of control and instead of addressing the drug problem they want to blame the US and perhaps get some political benefit by saying Trump is trying to create a trade war with canada and mexico. This is 100 percent about a drug war its 100 percent about fentanyl.
PRESIDENT TRUMP IS EXPECTED TO SPEAK WITH CANADIAN PRIME MINISTER JUSTIN TRUDEAU MONDAY.
MEANWHILE, THE E-U IS VOWING TO STAND UP TO TRUMP’S TARIFF THREATS.
FRENCH PRESIDENT EMMANUEL MACRON SAID MONDAY THAT TRUMP’S PROMISE IS “PUSHING THE E-U TO BE MORE UNITED AND MORE ACTIVE TO RESPOND TO ISSUES OF COLLECTIVE SECURITY.”
THE BLOC’S FOREIGN POLICY CHIEF SAID THERE WILL BE “NO WINNERS IN A TRADE WAR.”
FOR SAN I’M SIMONE DEL ROSARIO.
TRUMP’S ACTION ON TARIFFS IS FAST-MOVING. TO STAY ON TOP OF THE LATEST UPDATES – DOWNLOAD THE STRAIGHT ARROW NEWS APP TODAY.
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