Trump Targets Trade: Tariff Tensions with EU and China

In a bid to address trade imbalances and combat fentanyl trafficking, U.S. President Donald Trump has hinted at imposing tariffs on the European Union, Canada, Mexico, and China. Despite initial easing of tensions, his renewed threats aim at resolving persistent trade deficits and unfair practices while pressuring countries to curb illegal imports.

U.S. President Donald Trump reiterated his stance on trade tariffs, signaling potential duties on imports from the European Union, Canada, Mexico, and China. Trump's move is part of a broader strategy to address trade imbalances and counteract the fentanyl crisis.

Speaking at the White House, Trump emphasized the need for fairness in trade, pointing to troubling surpluses held by other countries against the U.S. He proposed a 10% punitive duty on Chinese imports and threatened new tariffs against Canada and Mexico by February 1, primarily targeting illegal migrant and drug trafficking concerns.

Despite concerns expressed by financial markets, Trump signed a memorandum for federal agencies to review trade practices and suggest changes, including a potential 'global supplemental tariff'. Both Mexico and Canada responded diplomatically, stressing the importance of their trade relations, while China remained committed to safeguarding its national interests.

(With inputs from agencies.)