Trade War Escalates as Trump Threatens New Tariffs on Mexico, EU
Bitcoin.com
News Bytes
On July 12, President Donald Trump threatened to impose a 30% tariff on imports from Mexico and the European Union starting August 1, following unsuccessful trade negotiations.
This escalation in the trade war has angered U.S. allies and unsettled investors. Trump communicated this decision in letters to European Commission President Ursula von der Leyen and Mexico’s President Claudia Sheinbaum, and has also sent similar letters to 23 other trading partners, proposing tariffs ranging from 20% to 50%.
The new tariffs are separate from existing levies on steel, aluminum, and auto imports. The August 1 deadline allows targeted countries time to negotiate lower tariffs. Despite recent stock market highs, Trump is maintaining an aggressive trade stance, having only secured framework agreements with a few countries since a previous pause in April.
EU President von der Leyen warned that the proposed tariffs would disrupt essential supply chains and stated that the EU would take necessary countermeasures. Mexico’s economy ministry expressed disagreement with the unfair treatment outlined in Trump’s letter.
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