U.S. President Donald Trump has declared his intention to impose tariffs on the European Union. Speaking in the Oval Office, he criticized the EU for its treatment of the U.S., citing economic and defense-related grievances. Trump also confirmed additional tariffs on Mexico and Canada, targeting oil and gas imports at a reduced rate of 10%.
Expanding Tariff Measures
Trump’s tariff plans extend beyond the EU, with upcoming duties on semiconductors, pharmaceuticals, steel, aluminum, and copper. He discussed semiconductor industry concerns with NVIDIA’s CEO, Jensen Huang, but did not clarify whether export restrictions on advanced processors would follow. Additionally, he reaffirmed a 25% tariff on select goods from Mexico and Canada, citing trade deficits and fentanyl smuggling.
Acknowledging potential trade disruptions, Trump stated that American consumers might bear short-term costs but insisted that the tariffs are necessary for economic stability. He also hinted at broader energy tariffs, set to take effect on February 18.
Trump touched on international affairs, including U.S. control over the Panama Canal, Israel’s conflict in Gaza, and upcoming meetings with Japanese Prime Minister Shigeru Ishiba and Israeli leaders. His stance on global trade and diplomacy signals significant shifts in U.S. policy.