US president Donald Trump announced on Wednesday the decision to impose 25% tariffs on goods imported from the European Union, including cars. This controversial decision fits into Trump's wider trading strategy, which aims to defend American economical interests. – Let us be honest, the European Union was created to deceive the United States. That's her goal, and they did a good job. But now I'm the president. said Trump during the conference.
Trump implements the announcements: customs duties on steel, aluminium and more
A fewer weeks ago Trump announced the imposition of 25% tariffs on abroad steel and 10% on aluminum. At the time the politician explained: – Simply put, if they charge us, we charge them.. This decision concerns not only the European Union but besides another US trading partners, including Canada, Mexico and China.
It is worth recalling that akin duties were introduced by Trump already during his first term. He then partially shut down Canada, Mexico and Brazil, and for the presidency of Joe Biden – besides the European Union, Japan and Britain. But now Trump is returning to its aggressive trade policy, which raises concerns about the possible consequences for the global economy.
Oil duties and promises to lower energy prices
One of the key elements of Trump's strategy is to lower energy prices in the US. The president announced that in the case of Canada it would reduce duties on oil imports to 10% – One year from 20 January, we will cut energy prices by half across the country – Trump said during a rally in Pennsylvania in 2024.
However, analysts point out that the imposition of duties on Canadian and Mexican oil may have a counterproductive effect. – The possible imposition of tariffs on Canadian and Mexican oil may make it hard to meet Trump's promises to reduce inflation by reducing energy costs. Tariff costs may be passed on to consumers in the form of higher petrol prices – commented the Associated Press portal.
In October, the United States imported nearly 4.6 million barrels of oil a day from Canada and 563,000 barrels from Mexico. By comparison, the US regular production at the same time averaged nearly 13.5 million barrels a day. Nevertheless, Trump does not express concerns about the impact of duties on the US economy. – We don't request the products they have. We have all the oil we need. We have all the trees we need, or wood. – he emphasized.
Economic and consumer implications
Trump's decision to impose duties on the European Union and another trading partners raises questions about its long-term effects. Experts inform that an increase in import prices can affect American consumers, leading to an increase in inflation. At the same time Trump remains relentless, claiming that his actions service to defend American interests.
Will Trump’s duties truly benefit the US economy or will they exacerbate existing trade tensions? The answer to this question will be crucial for the future of the United States' trade relations with the remainder of the world.
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"It was created to deceive the US". Donald Trump imposes duties on the European Union
