- Despite ongoing negotiations, President Donald Trump is imposing hefty new tariffs.
- The US President says Mexico needs to do more to stop the flow of fentanyl into the US.
Just when we thought the chaos surrounding Donald Trump’s tariffs may have started to ease, the leader of the free world has bad news for both Mexico and the European Union. While writing on social media, Trump revealed that new 30 percent tariffs will be enforced on Mexico and the EU from August 1 after weeks of negotiations seemingly failed to please the US President.
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Ever since announcing sweeping tariffs on almost every country on Earth in early April, President Trump has been hoping to secure what he considers to be fairer trade pacts with important trading partners. The EU was initially hit with a 20 percent tariff, which was later reduced to 10 percent during a 90-day negotiation period. A deal has yet to be reached, though, and Trump has hit back. He does, however, remain open to a deal.
Read: Trump Ignores EU’s Pleas and Won’t Budge on Tariffs as Deadline Looms
“If you wish to open your heretofore closed Trading Market to the United States, and eliminate your Tariff, and Non-Tariff, Policy and Trade Barriers, we will, perhaps, consider an adjustment to this letter,” Trump said.
According to the EU, it had been closing in on a framework agreement with the US following a recent meeting between Trump and European Commission President Ursula von der Leyen. The new 30 percent tariff would be separate from sector-specific tariffs like those placed on cars and steel, but would apply widely across other industries, Bloomberg notes.
Mexican Woes
Things aren’t looking good for Mexico either. In a letter addressed to Mexican President Claudia Sheinbaum, Trump said that while the country had been “helping me to secure the border.” However, if Mexico wants the US to adjust the levies, it needs to be “successful in challenging the Cartels and stopping the flow of Fentanyl.”
“These Tariffs may be modified, upward or downward, depending on our relationship with your Country,” he added.
Unsurprisingly, Mexico is not too pleased with the tariff hike. Mexican Economy Minister Marcelo Ebrard described them as “unjust,” noting the two nations recently agreed to establish a new working group to address economic, security, and migration issues.
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#Comfortable #Trump #Uncomfortable
