US Pres. Trump: Will impose tariffs on EU cars unless tariffs on American lobsters are lowered

Eren Sengezer FXStreet

US President Donald Trump said on Friday that they will impose tariffs on European car imports if the EU doesn't lower tariffs on American lobsters.

"EU charges US seafood tariffs it doesn't charge Canada," Trump added, as reported by Reuters. Trump further noted that he asked his trade advisers to identify Chinese products to hit with tariffs unless China drops its tariff on American lobsters.

Market reaction

These comments don't seem to be having a significant impact on market sentiment. As of writing, the Dow Jones Industrial Average was up 3.47% on the day while the S&P 500 and the Nasdaq Composite were gaining 3% and 2.2%, respectively.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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