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Topics: Donald Trump, News, Politics, US News, Tariffs
Gerrard Kaonga
Topics: Donald Trump, News, Politics, US News, Tariffs
Donald Trump’s massive tariff announcement appears to be having the desired impact as he revealed what progress the US and EU have had on trade talks.
US President Donald Trump left nation leaders frustrated when he announced his economic plan almost a week ago.
April 2, affectionately referred to as ‘Liberation Day’ by Trump, was meant to mark the ‘rebirth’ of American industry.
The US leader said the levies on foreign goods would ultimately boost domestic industries, create more jobs and 'heal' the country's economy. However, he and his supporters noted that this would not happen overnight.
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This included hiking taxes by 20 percent on goods from the European Union, 54 percent on goods from China and 10 percent on UK imports, plus various other taxes on as many as 60 countries.
If the EU wants relief from these tariffs, Trump has insisted the bloc must return to the negotiating table and be ready to make deals that benefit the US.
Speaking on Monday (April 7), European Commission President Ursula von der Leyen explained the efforts the bloc was making to smooth over the relationship.
She said: “We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners. Because Europe is always ready for a good deal. So we keep it on the table.”
However, speaking to reporters from the White House, Trump made it clear that this wasn’t satisfying enough and revealed what needs to happen for the EU to receive a relief.
He said the bloc needs to commit to buying $350 billion of American of energy. So not exactly chump change.
Trump said: “We have a deficit with the European Union of $350 billion and it's gonna disappear fast.
“One of the ways that that can disappear easily and quickly is they're gonna have to buy our energy from us ... they can buy it, we can knock off $350 billion in one week. They have to buy and commit to buy a like amount of energy.”
Trump also answered questions on whether his tariffs were simply a tactic to strong-arm nations into negotiations or whether they were permanent.
He answered: “There can be permanent tariffs and there can also be negotiations, because there are things we need beyond tariffs.
“If we can make a really fair deal and a good deal for the United States, not a good deal for others, this is America first. It's now America first.”