Mr. Trump threatened the EU today with dire consequences if it does not close the "tremendous" trade imbalance with Washington, only weeks before his oath-taking ceremony, which will formally declare him the next US president.
Washington, DC: Donald Trump's motto appears to be "a new day, a new threat" as he targets the European Union, his current target. Mr. Trump threatened the EU today with repercussions if it does not close the "tremendous" trade imbalance with Washington, only weeks before his oath-taking ceremony, which will formally declare him the next US president.
Donald Trump has insisted that the US supply the majority of Europe's gas and oil. He added that there would be "TARIFFS all the way" if it didn't, capitalizing the phrase to emphasize how steep they might be.
"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas - Otherwise, it is TARIFFS all the way!!!" Mr. Trump wrote on his platform, Truth Social.
The most recent statistics from the US government indicates that the trade gap between the US and the EU is currently $202.5 billion as of 2022. That year, US exports to the EU were $350.8 billion, while US imports from EU nations totaled $553.3 billion. Donald Trump wants to quickly correct this trade imbalance. He is certain that his intimidating strategy will help "make America great again," even though it may not be the ideal one. He claims that his favorite word in the dictionary is tariffs.
At his resort-turned-residence Mar-a-Lago in Florida, Mr. Trump recently told reporters, "Our country right now loses to everybody." He attributes this to "bad deals" made in the US over the last few decades by various regimes. He thinks this will be resolved by tariffs. "Tariffs will make our country rich again," he assured. He has directed his team to draft executive orders that he will sign on the first day of his second term as president, putting his words into practice. These include enacting comprehensive levies on goods imports and addressing immigration regulations.
Mr. Trump has also threatened China, Mexico, and Canada, three of the United States' biggest trading partners, in addition to all of Europe. He has already announced a 10% initial tariff against China and a 25% import tax on Canada and Mexico. With the EU completing a big free trade agreement with four major South American countries—Brazil, Argentina, Uruguay, and Paraguay—Europe has already begun to explore for alternatives outside of the United States. Nearly 700 million people across Europe and South America will profit from the agreement.
Ursula von der Leyen, the head of the European Commission, made a jab at Donald Trump without mentioning him after the agreement was reached. She praised the free trade agreement, referring to it as a "trade bride" between Europe and America, but added that "strong winds are blowing in the opposite direction (compared to the free trade deal) - towards isolation and fragmentation." Only Trump knows if tariffs will actually "make America great again" or if the US would actually "lose to everybody."
