President Trump on Saturday introduced his administration would levy a 30 % tariff on items from Mexico and members of the European Union beginning Aug. 1, focusing on two of the U.S.’s high buying and selling companions.
Trump posted separate letters on Reality Social to Mexican President Claudia Sheinbaum Pardo and European Fee President Ursula von der Leyen informing them of the tariff charges.
In his letter to Sheinbaum Pardo, Trump cited the circulation of fentanyl throughout the southern border, which was the unique foundation for a 25 percent tariff he imposed on Mexican items earlier this 12 months.
“Mexico has been serving to me safe the border, BUT, what Mexico has accomplished, is just not sufficient,” the president wrote.
The U.S. had beforehand imposed a 25 % tariff on Mexican items, although Trump later exempted products coated beneath the 2020 commerce settlement struck between the U.S., Canada and Mexico. It’s unclear whether or not these exemptions will nonetheless apply as of Aug. 1.
The letter to von der Leyen was targeted on commerce issues. Trump has up to now claimed the European Union has long been unfair to the U.S. and claimed that the bloc of countries was created to “screw” America.
“We’ve got had years to debate our Buying and selling Relationship with The European Union, and have concluded that we should transfer away from these long-term, giant, and protracted, Commerce Deficits, engendered by your Tariff, and Non-Tariff, Insurance policies and Commerce Obstacles,” the president wrote.
U.S. Census Bureau data reveals that Mexico has been the highest buying and selling accomplice with the U.S. up to now this 12 months. EU members like Germany, Italy, France and the Netherlands have been additionally among the many high 15.
Trump this week has posted letters to social media despatched to greater than a dozen nations vowing to impose steep tariffs on their imports beginning Aug. 1. These tariffs are set to go into effect after an preliminary spherical of duties unveiled in April have been paused for 90 days to permit time for negotiations.
However the U.S. has solely brokered a trade agreement with the UK in that point and introduced the framework of offers with China and Vietnam.