Trump courts business amidst EU tariff retaliation
"This is a GREAT time to move your COMPANY into the United States of America," encourages Donald Trump on social media.
What do you need to know?
- Donald Trump is urging investors on social media to move their businesses to the USA, promising no tariffs and quick approvals.
- The European Union is imposing retaliatory tariffs on American goods valued at $23 billion (CAD 32.5 billion), which is a response to the US tariffs on steel and aluminum.
- The European Commission emphasizes that the tariffs can be suspended if the USA agrees to fair negotiations.
Donald Trump encourages businesses on social media to move to the USA. "This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing," the American president urges.
"ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!" he adds in his post on Truth Social.
The European Union has decided to impose retaliatory tariffs on the USA
The European Union decided on Wednesday to impose retaliatory tariffs on the United States. The rates of up to 25 percent will cover American goods valued at $23 billion (CAD 32.5 billion); some of the tariffs will take effect from mid-April. This is a response to the US decision to impose additional tariffs on steel and aluminum.
The list of goods was proposed on Monday by the European Commission, which is responsible for trade policy in the EU. It was approved in a vote by member countries on Wednesday.
In a statement, the EC emphasized that retaliatory tariffs "can be suspended at any time, should the US agree to a fair and balanced negotiated outcome." "The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial," the EC declared.
The approved EU tariffs are a response to the March 12 increase in the rate to 25 percent on steel and aluminum imported to the USA. EU tariffs will be implemented gradually, starting from mid-April. The second part will take effect on May 16, and EU tariffs on several goods such as soybeans and nuts will be raised on December 1.
