In a move that dangerously escalates tensions in the trade war with Europe, Donald Trump sends a stern message to the EU: “Open your markets, or face much higher tariffs.” Following his new agreement with Japan, the American president declares that he won’t hesitate to impose tariffs up to 30% on European exports if there’s no opening of markets to the US. The EU responds with a prepared package of countermeasures worth 100 billion euros, which can be activated immediately.
Warning from Trump: Open your markets
“Japan’s markets are now OPEN (for the first time!). US BUSINESSES WILL FLOURISH!” emphasizes the US president in a post on Truth Social, following the trade agreement he achieved with Tokyo.
Trump’s threats come in the wake of Bloomberg reports stating that the European Union plans to quickly hit the US with tariffs of 30% on goods worth approximately 100 billion euros in case no agreement is reached and if the American president follows through on his threat and imposes this rate on most of the bloc’s exports after August 1st, according to Bloomberg agency.
As part of a first wave of countermeasures, Bloomberg notes, the EU will combine into one package an already approved list of tariffs on American products worth 21 billion euros and an already proposed list on American products worth 72 billion euros, a Commission spokesperson stated on Wednesday. American exports, which include industrial products such as Boeing aircraft, American-made cars, and bourbon, will face tariffs corresponding to Trump’s 30% threat level, according to anonymous sources from the international agency. The tariffs would be ready to take effect next month, but only if no agreement is reached and the US implements its tariffs after the August deadline, Bloomberg sources added.
The US president’s posts on Truth Social
“I WILL REDUCE TARIFFS ONLY IF A COUNTRY AGREES TO OPEN ITS MARKET. IF NOT, MUCH HIGHER TARIFFS! Japan’s markets are now OPEN (for the first time!). US BUSINESSES WILL FLOURISH!”
“I will always give up Tariff Points if I can convince the big countries to OPEN THEIR MARKETS TO THE US. Another great power of Tariffs. Without them, it would be impossible to convince countries to OPEN!!! ALWAYS, ZERO TARIFFS TO AMERICA!!!”
