This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager.
Dismiss

US will 'absolutely' target EU with tariffs, Trump says

By Joanna Sopinska

February 1, 2025, 00:29 GMT | Insight
EU exports might soon face US tariffs after President Donald Trump said today he'll move forward with plans to address a trade deficit with the bloc through import taxes. He also confirmed that the US will impose tariffs of 25 percent on Canada and Mexico, as well as a 10 percent levy on China, starting tomorrow.
EU exports might soon face US tariffs after President Donald Trump said today he'll move forward with plans to address a trade deficit with the bloc through import taxes. He also confirmed that the US will impose tariffs of 25 percent on Canada and Mexico, as well as a 10 percent levy on China, starting tomorrow.

“Am I going to impose tariffs on the European Union? Absolutely!” Trump told reporters at the White House today.

He didn’t specify when the levies might start to apply or which European products they will target.  “The European Union has treated us terribly,” Trump said.

He told reporters that pharmaceuticals, steel, aluminum, chips, oil, gas and “ultimately” copper will be subject to import tariffs, without specifying which countries will face them.

“We'll be doing pharmaceuticals.  And we'll also be doing chips, and things associated with chips,” Trump said.

“We're going to put tariffs on oil and gas. That'll happen fairly soon, I think around the 18th of February,” he added.

Trump imposed tariffs on global imports of steel and aluminum during his first term, but he said today that higher rates are needed to better help US producers to grow.

“We're going to put a lot of tariffs on steel. We already have tariffs on steel, and we've saved our steel industry, but that was relatively small compared to what it'll be. But we're going to be putting tariffs on steel and aluminum and ultimately copper,” Trump said.

He also announced earlier during the same conference that the US “will be putting the tariff of 25 percent on Canada and separately 25 percent on Mexico. We will have to do that because we have very big deficits with those countries. Those tariffs may or may not rise with time.”

Asked whether Canada, Mexico and China can engage in negotiations to forestall the implementation of those measures from Feb. 1, Trump said: “We're not looking for a concession. We'll just see what happens.”

Please e-mail editors@mlex.com to contact the editorial staff regarding this story, or to submit the names of lawyers and advisers.

Tags