The world reacts with caution to US 'reciprocal' tariffs against dozens of nations
The sweeping new tariffs announced Wednesday by U.S. President Donald Trump were met initially with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war.
The fact that the tariffs fell most heavily on parts of the world sleeping through the night appeared to at least temporarily delay some of the potential outrage.
Trump presented the import taxes, which he calls 맥스카지노reciprocal tariffs맥스카지노 and range from 10% to 49%, in the simplest terms: the U.S. would do to its trading partners what he said they had been doing to the U.S. for decades.
맥스카지노Taxpayers have been ripped off for more than 50 years,맥스카지노 he said. 맥스카지노But it is not going to happen anymore.맥스카지노
The president promised that 맥스카지노Jobs and factories will come roaring back into our country.맥스카지노 He framed it not just as an economic issue, but a question of national security that threatens 맥스카지노our very way of life.맥스카지노
맥스카지노Nobody wants a trade war맥스카지노
Shortly after Trump's announcement, the British government said the United States remains the U.K.맥스카지노s 맥스카지노closest ally.맥스카지노
Business Secretary Jonathan Reynolds said the U.K. hoped to strike a trade deal to 맥스카지노mitigate the impact맥스카지노 of the 10% tariffs on British goods announced by Trump.
맥스카지노Nobody wants a trade war and our intention remains to secure a deal," said Reynolds. "But nothing is off the table and the government will do everything necessary to defend the U.K.맥스카지노s national interest.맥스카지노
British officials have said they will not immediately retaliate, an approach backed by the Confederation of British Industry, a major business group.
Italy맥스카지노s conservative Premier Giorgia Meloni described the new 20% tariffs against the European Union as 맥스카지노wrong,맥스카지노 saying they benefit neither side.
맥스카지노We will do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players,맥스카지노 Meloni said in a Facebook post. 맥스카지노In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners,맥스카지노 she added.
Little to gain
Spared for the moment from the latest round of tariffs were Mexico and Canada, so far as goods that already qualified under their free trade agreement with the United States. Yet, the previously announced were scheduled to take effect at midnight.
Mexico President Claudia Sheinbaum said Wednesday she would wait to take action on Thursday when it was clear how Trump맥스카지노s announcement would affect Mexico.
맥스카지노It맥스카지노s not a question of if you impose tariffs on me, I맥스카지노m going to impose tariffs on you,맥스카지노 she said in a news briefing Wednesday morning. 맥스카지노Our interest is in strengthening the Mexican economy.맥스카지노
Canada had imposed retaliatory tariffs in response to the 25% tariffs that Trump tied to the trafficking of fentanyl. The European Union, in response to the , imposed taxes on 26 billion euros맥스카지노 worth ($28 billion) of U.S. goods, including bourbon, prompting Trump to threaten a 200% tariff on European alcohol.
As Trump read down the list of countries that would be targeted Wednesday, he repeatedly said he didn맥스카지노t blame them for the tariffs and non-tariff barriers they imposed to protect their own nations맥스카지노 businesses. 맥스카지노But we맥스카지노re doing the same thing right now,맥스카지노 he said.
맥스카지노In the face of unrelenting economic warfare, the United States can no longer continue with a policy of unilateral economic surrender,맥스카지노 Trump said.
Speaking from a business forum in India, Chilean President Gabriel Boric warned that such measures, in addition to causing uncertainty, challenge the 맥스카지노mutually agreed rules맥스카지노 and the 맥스카지노principles that govern international trade.맥스카지노
Ultimately, Trump announced Chile would face the baseline reciprocal tariff of 10%. The U.S. is Chile맥스카지노s second most important trading partner after China.
Analysts say there맥스카지노s little to be gained from an all-out trade war, neither in the United States or in other countries.
맥스카지노Once again, Trump has put Europe at a crossroads,맥스카지노 said Matteo Villa, senior analyst at Italy맥스카지노s Institute for International Political Studies.
맥스카지노If Trump really imposes high tariffs, Europe will have to respond, but the paradox is that the EU would be better off doing nothing,맥스카지노 he added.
Villa also noted that retaliation would certainly be a further 맥스카지노blow맥스카지노 to the United States, but it would hurt Europe even more, as the EU bloc depends more on exports to the U.S. than vice versa.
맥스카지노On the other hand, Trump seems to understand only the language of force, and this indicates the need for a strong and immediate response,맥스카지노 Villa said. 맥스카지노Probably the hope, in Brussels, is that the response will be strong enough to induce Trump to negotiate and, soon, to backtrack.맥스카지노
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AP journalists around the world contributed to this story.