Trump Vows More Retaliatory Tariffs after EU Unveils Levies to Counter US Me...

TMTPOST -- U.S. President Donald Trump threatened on Wednesday he will widen the transatlantic trade war after the European Union hit back against his additional metal tariffs.

Credit：Xinhua News Agency

Trump said he will “of course” impose more retaliatory tariffs on the European Union when he met with Irish premier Micheál Martin. The EU has treated U.S. “very badly” for years and it has been very tough for it sues American companies and wins “massive amounts of money”, according to Trump. He added that the bloc was created to “take advantage of the United States.”

Trump reiterated his pledge of reciprocal tariffs on the EU. "We’re going to be doing reciprocal tariffs. So whatever they charge us, we’re charging them. Nobody can complain about that. Whatever it is, it doesn’t even matter what it is — if they charge us, if they charge us 25 or 20%, or 10%, or 2%, or 200%, then that’s what we’re charging them. And so I don’t know why people get upset about that because there’s nothing more fair than that," said the president.

Trump also accused Ireland of stealing the U.S. pharmaceutical and other industries with its low-tax policies. “The Irish are smart, yes, smart people,” Trump said. “You took our pharmaceutical companies and other companies … This beautiful island of 5 million people has got the entire US pharmaceutical industry in its grasps.”

Wednesday is the day that the 25% U.S. tariffs on steel and aluminum entered effect. The Trump administration also ended exemptions that U.S. had previously granted for shipments from some countries.The EU and Canada immediately announced their countermeasures to extra U.S. tariffs.

The European Commission said it felt regretful about the U.S. decision to impose “unjustified” tariffs on EU steels and aluminium imports, deeming them disruptive to transatlantic trade and harmful to businesses and consumers, often resulting in higher prices. The EU’s countermeasures could apply to U.S. goods exports worth up to €26 billion, matching the economic scope of the US tariffs, the Commission said.

The Commission said the EU’s response will be introduced in two steps. First, it will allow the suspension of existing 2018 and 2020 countermeasures against the US to lapse on April 1. The step targets a range of US products that respond to the economic harm done on €8 billion of EU steel and aluminium exports. Second, given the new U.S. tariffs affecting more than €18 billion of EU exports, it will move forward a package of new countermeasures on US exports. They will come into force by mid-April, following consultation of Member States and stakeholders.

The countermeasures will starting with April 1 and fully in place as of April 13, said Ursula von der Leyen, President of the European Commission. She noted the EU is ready to engage in meaningful dialogue and she has entrusted Trade Commissioner Maroš Šefčovič to resume his talks to explore better solutions with the U.S.

Canada will impose 25% tariffs on U.S. imports worth of more than $20 billion in response to U.S. levies on steel and aluminum products, and they will go into effect on Thursday. The new retaliatory tariffs cover teel and aluminum, as well as other U.S. goods including computers, sports equipment and cast iron products, said Canadian Finance Miinster Dominic LeBlanc.