Trump urges biz shift to USA amid EU tariff escalation
"This is a GREAT time to move your COMPANY into the United States of America," Donald Trump encourages on social media.
What do you need to know?
- Donald Trump is urging investors on social media to relocate their businesses to the USA, promising no tariffs and quick approvals.
- The European Union is imposing retaliatory tariffs on American goods worth $23 billion, in response to the US tariffs on steel and aluminum.
- The European Commission emphasizes that the tariffs can be suspended if the USA agrees to fair negotiations.
Donald Trump encourages businesses via social media to move to the USA. "This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing," the American president advises.
"ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!" he adds in his post on Truth Social.
The European Union imposes retaliatory tariffs on the USA
The European Union decided on Wednesday to impose retaliatory tariffs on the United States. The rates, up to 25 percent, will cover American goods worth $23 billion; some of these tariffs will take effect from mid-April. This move responds to the US decision to impose additional tariffs on steel and aluminum.
The list of goods was proposed on Monday by the European Commission, responsible for trade policy in the EU, and was approved in a vote by member countries on Wednesday.
In a statement, the EC emphasized that retaliatory tariffs "can be suspended at any time, should the US agree to a fair and balanced negotiated outcome." "The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial," the EC declared.
The approved EU tariffs respond to the March 12 increase to a 25 percent rate on steel and aluminum imported to the USA. EU tariffs will be implemented gradually, starting from mid-April. The second part will take effect on May 16, and tariffs on several goods, such as soybeans and nuts, will be raised on December 1.
