President Donald Trump warned he would "simply apply a Tax" on cars coming into the country if the European Union retaliated in response to the new tariffs on aluminum and steel he announced late last week.
"If the E.U. wants to further increase their already massive tariffs and barriers on U.S. companies doing business there, we will simply apply a Tax on their Cars which freely pour into the U.S. They make it impossible for our cars (and more) to sell there. Big trade imbalance!" Trump tweeted Saturday.
European Commission President Jean-Claude Juncker had responded to Trump's Thursday announcement on tariffs, saying the bloc was prepared to respond forcefully by targeting imports of Harley-Davidson Inc. motorbikes, Levi Strauss & Co. jeans and bourbon whiskey from the U.S., Bloomberg News reported Saturday.
Trump also railed about the "very stupid" trade deals negotiated by previous administrations, tweeting other countries "laugh at what fools our leaders have been."
"The United States has an $800 Billion Dollar Yearly Trade Deficit because of our 'very stupid' trade deals and policies. Our jobs and wealth are being given to other countries that have taken advantage of us for years. They laugh at what fools our leaders have been. No more!" Trump tweeted Saturday.
On Thursday, Trump announced tariffs of 25 percent on steel and 10 percent on aluminum, using a law that allows a president to render tariffs on imports if they are deemed a threat to national security.
In another tweet on the issue Friday, the president maintained "trade wars are good, and easy to win."
Republicans and Democrats have denounced the move to impose tariffs fearing it would drive American businesses to leave the country, cost the U.S. jobs and start a trade war with other nations.
However, Commerce Secretary Wilbur Ross on Friday said tariffs on aluminum and steel were "no big deal," adding, "This is not the first time we put tariffs on steel."
© 2024 Newsmax. All rights reserved.