There is no tariff- Except the 50% one that’s totally non-negotiable: Trump on EU tariff
After announcing a 50% tariff on the EU starting June 1, Donald Trump claimed there is “no tariff” if companies relocate to the US. Critics call it economic intimidation, while the EU vows to defend its interests.
Shortly after calling for a 50 per cent tariff on the European Union, which will start from June 1, President Trump said there is no tariff.
During an executive order signing, a Fox News reporter asked, “Mr President, you are a deal maker, deal breaker, what are you trying to achieve with a 50 per cent tariff on the EU?"
President Trump replied, “Well, I think there is no tariff, what they will do, they will send their companies into the US and build their plants…if they built their plant here, then they have no tariff at all."
When the reporter again asked if he is looking for a deal in nine days, Trump replied, “I am not looking for a deal, we have set the deal at 50 per cent."
“The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,” Trump wrote on Truth Social.
Trump is not actually trying to make a deal. He is just threatening a massive tariff and hoping Europe caves so their companies come crawling to the US.
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The EU “has been very difficult to deal with,” Trump wrote of the 27-nation bloc. “Our discussions with them are going nowhere!”
“It's time we play the game the way I know how to play the game,” said Trump.
“EU-US trade is unmatched & must be guided by mutual respect, not threats. We stand ready to defend our interests,” said the EU Trade Commissioner Maros Sefcovic.
It will take numerous years for companies to move their facilities to the US and the cost will be massive. Corporations will just pass the cost on to the consumer. Critics argue that this economic intimidation and the sentiment that companies will cave under US pressure is just wishful thinking.