EU urged to strike back against Trump's tariff challenge
The Austrian Minister for Economic Affairs, Wolfgang Hattmannsdorfer, on Thursday urged the European Union to impose retaliatory tariffs on Republican states and technology companies. Vienna suggests that EU countries should respond in this manner to the tariffs announced by the U.S. President, Donald Trump.
Donald Trump announced the introduction of reciprocal tariffs on Wednesday evening, Eastern Time, on all countries with which the United States has trade surpluses. He presented a list of countries alongside the corresponding tariff rates, with a 20% tariff applicable to the European Union.
Statements from world leaders suggest that significant retaliation against the U.S. president's actions is being prepared. The Austrian Minister for Economic Affairs, Wolfgang Hattmannsdorfer, proposed that the European Union should counter Donald Trump's decision to impose tariffs by targeting Republican states and technology companies. The Austrian minister stated that such measures could compel the American leader to enter into negotiations.
“We must focus on targeting the Republican states and Donald Trump's allies, which include technology companies,” Hattmannsdorfer stated during a press conference. The United States is Austria's second-largest importer of goods, following Germany, accounting for 8.5% of Austria's exports.
New tariffs in the USA
On Wednesday, Trump signed an order to introduce "reciprocal tariffs" at a rate of at least 10% on imported goods, with a specific 20% rate for the European Union.
"Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream. Our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore,” stated Trump.
The Republican characterised these actions as America's "declaration of economic independence." Additionally, starting Thursday, a 25% tariff will be implemented on cars and light trucks imported into the USA, with some exceptions for vehicles from Mexico and Canada. The import tax on car parts and computers is scheduled to be enforced on 3rd May.
