Trump announces 30% tariffs against EU, Mexico effective Aug. 1
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U.S. President Donald Trump on Saturday announced he's levying tariffs of 30 per cent against the European Union and Mexico.
Trump announced the tariffs on two of the United States' biggest trade partners in letters posted to his social media account.
In his letter to Mexico's leader, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States.
But he said the country has not done enough to stop North America from turning into a 'Narco-Trafficking Playground.'
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Trump in his letter to the European Union said that the U.S. trade deficit was a national security threat.
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'We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,' Trump wrote in the letter to the EU. 'Our relationship has been, unfortunately, far from Reciprocal.'
Trump is in the midst of an announcement blitz of new tariffs with allies and foes alike, a bedrock of his 2024 campaign that he said would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades.
With the reciprocal tariffs, Trump is effectively blowing up the rules governing world trade. For decades, the United States and most other countries abided by tariff rates set through a series of complex negotiations known as the Uruguay round. Countries could set their own tariffs – but under the 'most favoured nation'' approach, they couldn't charge one country more than they charged another.
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With Saturday's letters, Trump has now issued tariff conditions on 24 countries and the 27-member European Union.
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