Trump hits Mexico and EU with 30% tariffs, escalating trade war
Trump's latest set of take-it-or-leave-it letters, addressed to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, could affect more than US$1 trillion in annual imports from the two partners and increase the risk of a global trade war. They cap a week that has seen over two dozen nations receive similar letters announcing US tariffs of up to 50 per cent.
It is not exactly clear what factors Trump has used to reach the tariff levels he metes out, although he has often said that 'intuition' and his 'gut' drive his policy decisions.
The president is inordinately focused on trade deficits and sees import taxes as an effective way to rejuvenate US manufacturing, foster US surpluses and stem illegal drug use.
'We have had years to discuss our Trading Relationship with The European Union, and have concluded that we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies and Trade Barriers,' the president told the EU on Saturday, describing the US trade deficit as a 'national security' threat.
Donald Trump said Mexican President Claudia Sheinbaum's failure to curb fentanyl and migrant flows was a reason for imposing tariffs on the country. Photo: EPA-EFE.
The 'America First' president is no fan of multilateral groupings and has repeatedly claimed that the EU does not play fair with the US and that the bloc was created to 'screw' America.
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