President Donald Trump vowed Saturday to increase tariffs on European Union imported cars if they retaliate in response to his Thursday announcement of a 25 percent tariff on steel and a 10 percent tariff on aluminum.
“They make it impossible for our cars (and more) to sell there,” Trump tweeted from Florida. “Big trade imbalance!”
If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S. They make it impossible for our cars (and more) to sell there. Big trade imbalance!
— Donald J. Trump (@realDonaldTrump) March 3, 2018
The United States has an $800 Billion Dollar Yearly Trade Deficit because of our “very stupid” trade deals and policies. Our jobs and wealth are being given to other countries that have taken advantage of us for years. They laugh at what fools our leaders have been. No more!
— Donald J. Trump (@realDonaldTrump) March 3, 2018
Trump’s tweet is in direct response to the EU’s Friday announcement that it would put a tariff on Harley Davidson motorcycles, bourbon whisky and blue jeans.
Breaking: EU’s Juncker says the bloc will react to the proposed U.S. steel action with tariffs on motorcycles (Harley-Davidson), bourbon whiskey and blue jeans.
— William Mauldin (@willmauldin) March 2, 2018
The president is unfazed by criticism that he is launching the U.S. into a trade war saying Friday that sometimes trade wars are a good thing.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
Trump vowed several times during the 2016 presidential campaign that he would impose tariffs and reciprocal taxes on other nations believing that the U.S. trade imbalance puts American workers at risk.
When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!
— Donald J. Trump (@realDonaldTrump) March 2, 2018