Trump, Wall Street and tariff
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President Donald Trump has announced a 30% tariff for both the European Union (E.U.) and Mexico, with the charges set to come into effect on Aug. 1.
The EU has been a frequent target of Trump's criticism. On 2 April, he proposed a 20% tariff for goods from the bloc, as well as dozens of other trade partners. He then threatened to raise the EU import taxes to 50% as trade talks stalled.
While Mexico was spared from Trump's so-called "Liberation Day" tariff rollout on April 2, the 30% rate for the E.U. is 10% higher than what the president said he would apply to America's largest trading partner in April.
23hon MSN
President Donald Trump has managed to make his erratic trade policies even more baffling to countries desperate to negotiate an escape from his wrath.
US President Donald Trump has sent letters to 23 trading partners this week, including Canada, Japan, Brazil, and others — threatening blanket import tariffs ranging from 20% to 50%. The move, part of a renewed aggressive trade stance,
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Trump insiders maintain that it would make little sense — politically or from a policy standpoint — for the president to offer any further extensions on trade.
Brazilian President Lula da Silva vowed to trigger Brazil's reciprocity law if negotiations with the U.S. fail.