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Tariffs are the greatest, tweets Trump – hours before meeting Juncker Tariffs are the greatest, tweets Trump – hours before meeting Juncker
(about 5 hours later)
Donald Trump issued a fresh threat to the EU hours before a meeting with Jean-Claude Juncker at the White House, where the European commission president is to make a last-ditch effort to avert a transatlantic trade war. Donald Trump and Jean-Claude Juncker, the European commission president, were due to hold talks at the White House against a backdrop of fresh threats from both sides against their respective key industries.
In a tweet, the US president suggested that it was the EU that stood in the way of free trade, and that his tough talk was forcing Brussels to the negotiating table. Hours before the meeting on Wednesday, a last-ditch effort to avert a full-blown transatlantic trade war, Trump attacked the EU and suggested it was Brussels that stood in the way of free trade.
The US administration has already applied high tariffs to EU steel and aluminium exports, and is embroiled in a trade war with China. Trump has repeatedly threatened to impose further tariffs on European car imports over a perceived imbalance in trade between the two economic blocs.
Trump has repeatedly threatened to impose further tariffs on European cars being imported into the US over a perceived imbalance in trade between the two economic blocs. The US president tweeted: “Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that – and everybody’s talking! Remember, we are the ‘piggy bank’ that’s being robbed. All will be Great!”
The US president tweeted: “Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that — and everybody’s talking! Remember, we are the “piggy bank” that’s being robbed. All will be Great!” He later added: “The European Union is coming to Washington tomorrow to negotiate a deal on Trade. I have an idea for them. Both the US and the EU drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready – but they won’t!”
He later tweeted: “The European Union is coming to Washington tomorrow to negotiate a deal on Trade. I have an idea for them. Both the US and the EU drop all Tariffs, Barriers and Subsidies! That would finally be called Free Market and Fair Trade! Hope they do it, we are ready - but they won’t!” Cecilia Malmström, the EU trade commissioner, who is travelling to Washington with Juncker, said the EU was lining up a second round of US goods to be hit with tariffs should the White House meeting end in failure.
While EU sources have suggested that Trump and Juncker get on well on a personal level, hopes of any positive developments out of the White House meeting on Wednesday are not high in Brussels. The EU is looking at 20% tariffs on €10bn (£8.9bn) of US products, or a lower tariff on a longer list of €20bn of US goods. Brussels has already applied tit-for-tat levies on €2.8bn of US products, including Harley Davidson motorbikes and bourbon.
At a meeting of the leaders of the G7 major powers in Canada last month, Trump accused Juncker of being a “brutal killer”, presumably with regard to the EU’s trade policies. Malmström told the Swedish newspaper Dagens Nyheter: “We hope that it doesn’t come to that and that we can find a solution. If not, the EU commission is preparing a rather long list of many American goods. It would be around $20bn.”
Trump has repeatedly complained about the EU’s 10% tariff on imported vehicles. The US has a 2.5% levy on imports of passenger vehicles. The EU has responded that in other areas, Brussels is more generous than the US. EU sources have suggested that while Trump and Juncker get on well on a personal level, hopes of any positive developments at the White House meeting on Wednesday are not high.
On Monday, at an event to celebrate US-made goods, Trump told his audience: “They’re coming in to see me Wednesday and we’ll see if we can work something out. Otherwise, we’ll have to do something with respect to the millions of cars that they send in every year. Maybe we can work something out.” At a meeting of the leaders of the G7 in Canada last month, Trump accused Juncker of being a “brutal killer”, presumably with regard to the EU’s trade policies.
Trump is reportedly ready to apply a 20% tariff on imports of cars and car parts. Juncker will seek to avert such a unilateral move, by making an offer, but only if the US lifts its punitive tariffs on European steel and aluminium. Trump has repeatedly complained about the EU’s 10% tariff on imported vehicles. The US has a 2.5% levy on imports of passenger vehicles. The EU has responded that Brussels is more generous than Washington in other areas.
Trump is nevertheless reportedly ready to apply a 20% tariff on imports of cars and car parts unless the EU rethinks its trade policies. Juncker will seek to avert such a unilateral move by making an offer, but only if the US lifts punitive tariffs on European steel and aluminium applied this year.
In the unlikely event that Trump agrees, Juncker will suggest that significant makers of cars and car parts, including Japan and South Korea, negotiate a multi-lateral agreement with the aim of reducing tariffs on those products to zero.In the unlikely event that Trump agrees, Juncker will suggest that significant makers of cars and car parts, including Japan and South Korea, negotiate a multi-lateral agreement with the aim of reducing tariffs on those products to zero.
A second proposal would be for a TTIP-lite deal, reducing the Transatlantic Trade and Investment Partnership, a comprehensive trade agreement between the US and the EU pursued by Barack Obama and dumped by Trump, to a limited one focused only on industrial tariffs. A second proposal would be for a TTIP-lite deal, reducing the Transatlantic Trade and Investment Partnership, a comprehensive trade agreement between the US and the EU pursued by Barack Obama and dumped by Trump, to a limited deal focused only on industrial tariffs.
There are signs that the trade policies launched by Trump are causing the US economy some difficulty, and creating political problems in Washington. There are signs that Trump’s trade policies are causing the US economy some difficulty, and creating political problems in Washington.
On Tuesday, the US administration was forced to promise a $12bn aid plan to subsidise farmers who have been hit by retaliatory tariffs imposed China and the EU. On Tuesday, the US administration was forced to promise a $12bn aid plan to subsidise farmers hit by retaliatory tariffs imposed by China and the EU.
Republican senator Ron Johnson voiced the views of free traders in Trump’s party, saying: “This is becoming more and more like a Soviet-type of economy here: commissars deciding who’s going to be granted waivers, commissars in the administration figuring out how they’re going to sprinkle around benefits. I’m very exasperated. This is serious.” The Republican senator Ron Johnson voiced the views of free traders in Trump’s party, saying: “This is becoming more and more like a Soviet-type of economy here. Commissars deciding who’s going to be granted waivers, commissars in the administration figuring out how they’re going to sprinkle around benefits. I’m very exasperated. This is serious.”
The EU is also looking to raise the temperature should Trump hit European car manufacturers with 20% tariffs on €10bn of US products or going for a lower tariff level on a longer list of €18bn of US goods. Juncker, who has been more emollient in his language about Trump than Donald Tusk, the European council president, will give a speech titled Transatlantic Relations: At a Crossroads after his White House meeting. Tusk has accused Trump of forging a new US approach to foreign relations in which there are no friends, only foes.
The European commission’s most senior trade official, Cecilia Malmstrom, who is joining Juncker on the visit, told the Swedish newspaper Dagens Nyheter: “We hope that it doesn’t come to that and that we can find a solution. If not, the EU Commission is preparing a rather long list of many American goods. It would be around $20 billion.”
Juncker, who has been more emollient in his language with regard to Trump than Donald Tusk, the European council president, will give a speech entitled: transatlantic relations: at a crossroads, after his meeting in the White House. Tusk has accused Trump of forging a new American approach to foreign relations in which there are no friends, only foes.
Donald TrumpDonald Trump
International tradeInternational trade
European commissionEuropean commission
EuropeEurope
Global economyGlobal economy
Jean-Claude JunckerJean-Claude Juncker
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