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Trump's Tariff Threats: A Looming Trade Crisis
2025-01-22 05:40:11
Politics
Economy
USA

Trump's Tariff Threats: A Looming Trade Crisis

Former President Trump has reignited tensions with the European Union by threatening tariffs, citing unfair treatment and a growing trade deficit. His previous administration marked the beginning of a trade dispute, introducing tariffs on steel and aluminum, which led to retaliatory measures from the EU.

Additionally, Trump is eyeing a 10% tariff on China, linking it to the fentanyl crisis originating from Mexican cartels. As he contemplates 25% tariffs on Canada and Mexico, concerns grow over the potential damage to North American trade relations.

Economists warn that such tariffs could lead to job losses and increased consumer prices, while Canadian officials express hope for a peaceful resolution amidst fears of a winner-takes-all approach.

Related news on that topic:

Trump's Tariff Threats Stir Trade Tensions

President Donald Trump has announced potential tariffs of 25% on goods from Mexico and Canada, set to take effect from February 1st. Trump attributes this measure to the neighboring countries' roles in facilitating illegal immigration and the smuggling of fentanyl into the United States. This move marks an escalation in trade tensions, with Trump willing to engage in a trade conflict to assert his "America First" policy. The proposed tariffs have raised concerns about a potential trade war, with reactions echoing across North America and beyond. Mexican officials, including Claudia Sheinbaum, have expressed apprehensions about the economic impact, particularly on the Mexican peso. Trump's actions also put strain on the United States-Mexico-Canada Agreement (USMCA), highlighting the volatility in the region's markets. His administration's broader tariff strategy includes plans to impose higher duties on all foreign products, targeting Chinese imports and potentially affecting European Union goods with tariffs up to 20%. European Union officials, including Trade Commissioner Valdis Dombrovskis, have threatened retaliatory measures should these tariffs be enacted. The EU stresses the importance of negotiation and credible countermeasures to safeguard its economic interests. Despite the bold announcements, some analysts consider the implementation of such tariffs unlikely, citing potential negative impacts on U.S. economic growth and inflation. The economic burden on American households could amount to over $2,600 in additional costs annually if tariffs reach 20%. These considerations cast doubt on the feasibility of Trump's tariff policies, despite the rhetoric of his administration.

German Industry Braces for Trump's Trade Policies

As Donald Trump prepares to begin his second term as U.S. President, concerns are mounting over his aggressive trade policies. Trump's proposals to impose tariffs ranging from 10% to 60% on imports, particularly from Europe and China, have stirred apprehension across global markets. German exporters, notably from the automotive sector, are particularly anxious about potential tariffs that could impact transatlantic trade relations and the global economy. Dirk Jandura, president of the German Federation of Wholesale, Foreign Trade, and Services, cautioned against retaliatory tariffs from the European Union, underscoring that trade wars yield only losers. The U.S. has been Germany's top export destination for some time, and the introduction of tariffs would be a significant blow. Nevertheless, Jandura remains hopeful, suggesting that Trump's high initial demands might be a negotiating tactic. Despite the looming threat of trade barriers, German carmakers such as Volkswagen, BMW, and Daimler Truck are optimistic about maintaining robust ties with the U.S. market. Volkswagen plans substantial investments in the U.S., although some vehicles manufactured in Mexico face potential tariffs. The European Automobile Manufacturers Association has called for a "grand bargain" to prevent trade disputes. Critics argue that Trump's blanket tariffs could raise prices for American consumers and disadvantage U.S. manufacturers on the global stage. There is also concern that high tariffs on Chinese imports will not benefit American manufacturers but instead boost other low-cost producers. Meanwhile, European leaders, including the EU Commission President Ursula von der Leyen, express hope for close cooperation with the U.S. to navigate these challenges. The conversation around fair trade practices remains crucial as Europe seeks to secure its economic interests amid changing geopolitical landscapes.

Read 42 more recent news on this topic

The press radar on this topic:

New York Times - Americas
21. Januar 2025 um 20:49

How Could Trump’s Tariffs Affect the U.S., Canada and Mexico?

Politics
Economy
Trump plans 25% tariffs on Canada, Mexico - top US trading partners. Decades of trade integration at risk. Tariffs predicted to inflict pain, more damage to smaller economies. Officials relieved initially, but Trump still plans tariffs for February 1. Tariffs may be negotiating tactic to win concessions, as US needs Mexico, Canada to take on larger rival China. Economists say tariffs would cause loss of income, jobs and force consumers to pay more. Trump issued tariff threat in first-day execu..
Diplomacy - South China Morning Post
22. Januar 2025 um 00:26

Trump says he is mulling 10% tariff on imports from China, starting February 1

Politics
Trump plans 10% China tariffs from Feb 1 over fentanyl, didn't discuss with Xi; no new NAFTA tariffs; ordered China trade probe on inauguration day.
tz
21. Januar 2025 um 23:51

Trump threatens EU with tariffs - "They treat us very badly"

Trump, the Republican, is once again threatening the EU with tariffs, as he claims they are treating the US "very, very badly". He complains about the trade deficit, demands more imports of US products, and had already started a trade dispute with the EU during his first term, introducing special tariffs on steel and aluminum, to which the EU responded with tariffs on Bourbon whiskey, Harley-Davidson motorcycles and jeans. Trump is also considering a 10% tariff on China, as they are sending fe..
Tagesschau - Internationale Nachrichten aus aller Welt
22. Januar 2025 um 03:16

Government Retreat Canada Threatens Trump with Retaliatory Tariffs

Politics
Economy
Canada and Mexico threaten retaliatory tariffs on US products in response to Trump's announced punitive tariffs. The government and opposition in Canada are united in defending Canadian interests.
CW

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