U.S. President Donald Trump announced plans to impose tariffs on the European Union, citing trade imbalances with the U.S. He criticized the EU for not importing enough American goods and vowed to "straighten that out" by enforcing tariffs or pushing for increased purchases of oil and gas. Trump's comments came shortly after taking office, as he vowed to tackle what he perceived as unfair treatment by the EU.

In addition to targeting Europe, Trump reiterated his intention to impose a 10% tariff on Chinese imports, citing the ongoing issue of fentanyl trafficking. He linked this decision to China's role in sending fentanyl to Mexico and Canada, which he blamed for exacerbating the U.S. opioid crisis. Trump indicated that the tariffs could take effect as soon as February 1, the same date he had previously proposed for imposing 25% tariffs on goods from Canada and Mexico due to their failure to curb illegal immigration and fentanyl trafficking.

This move is part of a broader strategy by Trump to address trade practices he views as unfavorable to the U.S. At the same time, the European Union's economy commissioner, Ursula von der Leyen, responded, stating that the EU was prepared to defend its interests. Speaking in Davos, Switzerland, she emphasized Europe's willingness to negotiate with Trump while remaining committed to protecting its values and principles.

Trump's broader trade overhaul agenda includes measures to address trade deficits, unfair practices, and currency manipulation. He signed an executive order calling for agencies to investigate these issues, paving the way for potential additional tariffs. The investigation could lead to more duties, further intensifying trade tensions with major global partners.

Source: Voice of America