Trump’s Tariff Storm: 30% on EU, 35% on Canada, and a Trade War Shaking the World
Welcome to a new level of trade chaos! Donald Trump, the US president who knows no limits in trade wars, has decided to raise tariffs on imports from the European Union and Canada to unprecedented heights. Starting August 1st, goods from the EU and Canada will face tariffs of 30% and 35% respectively! Yes, you read that right – 30 and 35 percent!
Tariffs that will make you wonder what’s going on
Trump announced his decisions through letters on his social media platform Truth Social, clearly stating that if trade partners retaliate, tariffs will only increase. The EU, consisting of 27 countries, and Canada, traditional US allies, are now in the crosshairs.
In a letter to the EU, Trump accused the bloc of trade deficits and unfair trade practices, claiming the relationship was far from reciprocal. Similar letters were sent to Canada, where Trump accused the prime minister of failing to stop the influx of fentanyl, despite data showing only minimal amounts of the opioid entering from Canada.
It’s not just the EU and Canada – tariffs spreading like wildfire
But that’s not all! Trump also announced 50% tariffs on copper from Brazil, in response to accusations against former president Jair Bolsonaro. Japan, South Korea, Brazil, and other countries face tariffs ranging from 25 to 50 percent.
Markets react, but how?
Asian markets surprisingly reacted with rising indexes, while European stock markets saw declines. Oil and gold prices rose, while US indexes ended the day with slight gains. It’s clear that trade wars are not just political games – they directly impact the global economy and our wallets.
EU and US try negotiations, but Trump won’t back down
European Commission President Ursula von der Leyen and Donald Trump discussed a trade deal, but the July 9th deadline passed without results. Trump threatened to impose reciprocal tariffs of 50% if no agreement is reached.
What does this mean for us?
These tariffs will make EU and Canadian products more expensive in the US, and Europe and Canada may retaliate. This means higher prices, supply chain disruptions, and market uncertainty.
Conclusion: Trade wars are back in style
Trump has shown he’s ready to use tariffs as weapons in trade negotiations, regardless of the consequences. The global economy is at risk of escalating trade tensions that could affect every one of us.
If you thought trade wars were a thing of the past, think again! So, what do you think about these tariff blows? Is Trump right or just causing chaos? Drop a comment and let your voice be heard in this tariff storm!
Sources: 24sata.hr, Index.hr, Kurir.biz, Tanjug.rs
