Bridgewater: US President Donald Trump announced on Saturday that he's levying tariffs of 30 per cent against the European Union and Mexico, the Associated Press reported.
Trump announced the tariffs on two of the United States' biggest trade partners in letters posted to his social media account, Truth Social.
In his letter to Mexico's leader, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States.
But he said the country has not done enough to stop North America from turning into a “Narco-Trafficking Playground.”
Trump, in his letter to the European Union, said that the US trade deficit was a national security threat.
“We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent Trade Deficits engendered by your Tariff and Non-Tariff Policies and Trade Barriers,” Trump wrote in the letter to the EU.
“Our relationship has been, unfortunately, far from Reciprocal.”
Meanwhile, India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation) norms against the US over American tariffs on steel and aluminium in view of the further hike in duty by the Trump administration, PTI reported.
The US first imposed 25 per cent tariffs on imports of aluminium, steel and derivative articles on March 12. Again, on June 3, the taxes were hiked to 50 per cent.
"Without prejudice to its earlier notification to the Council for Trade in Goods and the Committee on Safeguards dated May 12, India reserves its right to adjust the products and tariff rates. This request is made in response to the increase in the tariff rate by the US from 25 per cent ad valorem to 50 per cent," the WTO said in a communication on Wednesday.