Donald Trump’s significant tariff announcement seems to be achieving its intended effects, as he shared updates on the progress of trade discussions between the US and the EU.
Nearly a week ago, US President Donald Trump left world leaders in a state of agitation with the unveiling of his economic strategy.
April 2, a date Trump fondly calls ‘Liberation Day,’ was intended to signify the ‘resurgence’ of American manufacturing.
Trump stated that the imposition of tariffs on imported goods would enhance domestic industries, generate more employment opportunities, and improve the US economy. However, he and his supporters acknowledged that these changes would not occur immediately.
The plan involved raising tariffs by 20 percent on European Union products, 54 percent on Chinese goods, and 10 percent on UK imports, along with multiple other tariffs affecting up to 60 countries.
For the EU to obtain relief from these tariffs, Trump has emphasized that the bloc must engage in negotiations that are advantageous to the US.
On Monday (April 7), European Commission President Ursula von der Leyen addressed the measures the bloc is undertaking to repair the trade relationship.
She mentioned: “We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners. Because Europe is always ready for a good deal. So we keep it on the table.”
Nevertheless, during a briefing at the White House, Trump made it clear that this proposal was insufficient and outlined the prerequisites for the EU to gain relief from the tariffs.
He noted that the EU must agree to purchase $350 billion worth of American energy.
Trump commented: “We have a deficit with the European Union of $350 billion and it’s gonna disappear fast.
“One of the ways that that can disappear easily and quickly is they’re gonna have to buy our energy from us … they can buy it, we can knock off $350 billion in one week. They have to buy and commit to buy a like amount of energy.”
Trump was also questioned about whether his tariffs were merely a bargaining tool to coerce nations into talks or if they were intended to be permanent.
He responded: “There can be permanent tariffs and there can also be negotiations, because there are things we need beyond tariffs.
“If we can make a really fair deal and a good deal for the United States, not a good deal for others, this is America first. It’s now America first.”