Trump calls for business migration amid EU tariff clash
"This is a GREAT time to move your COMPANY into the United States of America," Donald Trump urges on social media.
What do you need to know?
- Donald Trump is encouraging investors on social media to relocate their businesses to the USA, promising no tariffs and swift approvals.
- The European Union is imposing retaliatory tariffs on American goods worth €22 billion, in response to US tariffs on steel and aluminium.
- The European Commission emphasises that the tariffs can be suspended if the USA agrees to fair negotiations.
Donald Trump is urging 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 persuades.
"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. With rates up to 25 per cent, these tariffs will cover American goods worth €22 billion; some of the tariffs will take effect from mid-April. This decision responds to the US move to impose additional tariffs on steel and aluminium.
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 emphasised 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 respond to the 12th March increase to a rate of 25 per cent on steel and aluminium imported to the USA. EU tariffs will be implemented gradually, starting from mid-April. The second part will take effect on 16th May, and EU tariffs on several goods such as soybeans and nuts will be raised on 1st December.
