Trump threatens that the European Union will not escape increased import tariffs either

US President Donald Trump has announced new import tariffs: goods from Mexico and Canada will be subject to a 25% tariff, and from China - 10%. Trump also said that trade duties would be imposed on the European Union and the United Kingdom, but left the door open for negotiations with the latter.

New tariffs to take effect on February 4

In several "X" statements announcing the tariffs, the White House administration said they were aimed at holding China, Mexico and Canada accountable for their promises to stem the flow of drugs into the United States.

The new tariffs on Canada, Mexico and China will take effect on February 4. They are expected to affect a wide range of goods, from everyday electronics to essential goods such as clothing, medicine and lithium batteries.

Trump also announced that the increased tariffs would also be imposed on the European Union and the United Kingdom. Although he indicated that a different deal with Britain could still be reached.

Trump says the EU is doing worse than the UK

Canada, Mexico and China have condemned the tariffs.

Canada has retaliated by imposing sanctions on US imports, while Mexico has threatened to do the same. China has said it will file a lawsuit with the World Trade Organization.

Asked about the possibility of imposing tariffs on goods from the United Kingdom and the European Union (EU), Trump said that both the EU and the UK are not playing by the rules, but that the EU is playing worse and that tariffs on the bloc could be imposed quite soon.

“They don’t take our cars, they don’t take our agricultural products, they take almost nothing, and we take everything from them. Millions of cars, huge amounts of food and agricultural products,” Trump said of the EU countries.

Import prices are likely to rise

Tariffs were one of Trump’s key campaign promises.

He has made additional promises, such as a tax on semiconductors from Taiwan.

During his inauguration speech, Trump said he would immediately begin overhauling the US trading system.

He said that instead of taxing its own citizens to enrich other countries, they would impose tariffs and taxes on foreign countries to enrich US citizens.

However, when tariffs are imposed, the additional tax is paid by the company importing the goods, not by the exporting country, as Trump has argued. These additional taxes are usually passed on to consumers. That is, the prices of imported goods are likely to increase.