US President Donald Trump: I will impose tariffs on the EU

Joshua Gibson FXStreet

United States (US) President Donald Trump spoke with reporters late on Friday, further amending statements made by his own White House personnel which were also meant to amend reports that the Trump administration may be kicking the tariff can down the road to March 1. President Trump's team reiterated that tariffs on Mexico, Canada, and China were all starting this weekend on February 1.

Donald Trump himself added further fuel to the trade war fire, noting that not only are 25% tariffs landing on Mexico and Canada, but China is also getting its own 10% tariff. President Trump then added the European Union to his list of grievances he intends to solve with import taxes levied against US consumers, but added a caveat that Canadian Crude Oil imports, which the US energy sector is heavily reliant on, will see a specific tariff level of only 10%.

President Trump's clarifying statements to select reporters rambled somewhat, adding Venezuela to the mix of countries that the US intends to "do something about". Trump also addressed his concepts of a plan for tariffs on the EU at multiple points, however specific details remain thin.

Key highlights

Trump: Nothing can be done by China, Mexico and Canada right now to forestall tariffs.

We have big deficits and tariffs are something we're doing.

We may increase tariffs.

We're not looking for concession.

Canada has treated us very unfairly.

We will eventually put tariffs on chips.

We will put tariffs on steel, aluminum, and copper.

We will put tariffs on steel and aluminum this month or next.

I want to bring pharmaceuticals back to America with tariffs.

We are going to take back the Panama Canal.

I'm bringing tomorrow’s tariffs down to 10% on Canadian oil.

We want to do something with Venezuela.

I will impose tariffs on the European union.

Absolutely will put tariffs on the EU.

Tariff costs are sometimes passed along to consumers.

Tariffs may cause short-term disruption.

I'm not concerned about market reactions to tariffs.

We'll be doing something very substantial on tariffs with European union.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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