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DONALD Trump has announced that the European Union will receive a tariff letter ‘in a couple of days’ threatening to reopen his trans-Atlantic trade war.
The US President announced during a meeting of his cabinet in Washington that Europe will be added to the list of countries facing American tariffs.
Trump spoke of the EU, saying, “We’re speaking with them and they are treating us nicely after years of us being horrible to them.” “I only want them know that a contract is just a letter.”
As European businesses prepare for possible disruptions to transatlantic commerce, industries from automotive to agricultural are facing uncertainty regarding future costs.
READ MORE Trump slams ‘terrible’ Spain and threatens to ‘make them pay double’ over NATO 5% of GDP snub
Trump’s unpredictable trade policy has already caused market volatility. His latest announcements have immediately led to stock market drops.
The EU announcement coincides Trump’s threat to impose an arbitrary 50% duty on imported copper, although details of the implementation timelines remain unclear.
This move is similar to the existing tariffs on steel and aluminium, which have both been subjected to punitive rates that have already caused global supply chain disruptions.
Trump’s offensive on trade has been marked by a series of delays and reversals, causing uncertainty among European exporters.
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The tariff program, originally announced in April, was delayed by 90 days for the purpose of allowing time for negotiations.
With that deadline expiring on July 9, Trump pushed the implementation date back again to August 1 – echoing the now infamous TACO acronym (Trump always chickens out).
Last Monday, however 14 more countries received letters detailing their specific tariffs. The rates ranged from 25 percent for South Korea and Japan up to 40 percent for Laos or Myanmar.
The letters warned any retaliatory action would result in additional duties of equal value, effectively threatening an escalating trade war which could sweep the global economy.
Trump posted on the Truth Social platform that “the tariffs will start to be paid at that time.”
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There will be no change to the date. The money is due on August 1, 2025. “No extensions will be granted.”
However, Trump’s track record suggests further delays remain possible, with the President himself admitting the August 1st date is not ‘100% fixed’ when questioned by reporters on Monday.
In a separate development, Trump’s Agriculture Secretary announced a complete ban on Chinese and other ‘enemy’ nations purchasing American farmland, citing national security concerns.
This ban also extends to Russia, Iran and the current Chinese owners of 107,000 hectares in US agricultural land.
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