Things are ramping up…
President Donald Trump early Thursday threatened even larger tariffs on the European Union and Canada.
Writing on his Truth Social platform, the president warned:
“If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of these countries has ever had!”
The post comes after the president announced on Wednesday he would impose a 25% tariff on all imported autos.
The European Automobile Manufacturers’ Association (ACEA) issued a statement Thursday saying it was “deeply concerned” by Trump’s announcement of additional tariffs.
“European automakers have been investing in the US for decades, creating jobs, fostering economic growth in local communities, and generating massive tax revenue for the US government,” ACEA Director General, Sigrid de Vries said in a statement. “We urge President Trump to consider the negative impact of tariffs not only on global auto makers but on US domestic manufacturing as well.”
Earlier this month, Canada – the biggest foreign supplier of steel and aluminum to the U.S. – announced $21 billion in additional tariffs against the U.S. in response to Trump’s 25% tariffs on both commodities.
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