Trump says 25% tariffs on EU will be announced soon
Earlier this month, Trump ordered 25% tariffs on goods from Mexico and Canada, America’s top two trading partners. But he suspended the duties before they went into effect until 4 March, to allow for talks on border security.
On Monday, Trump said he expected tariffs of 25% on goods from Mexico and Canada to come into effect “on schedule”.
At Wednesday’s meeting, when asked for an update, he said the 25% tariffs on Mexico and Canada would go into effect on 2 April.
That is the same day that the Commerce Department is supposed to deliver its wider recommendations for “reciprocal” tariffs.
Commerce Secretary Howard Lutnick told reporters that “the overall is April 2” , distinguishing between tariffs tied to concerns about drug trafficking and migration from Mexico and Canada.
The Dow Jones Industrial Average, S&P 500 and Nasdaq all headed lower in mid-day trade, while the peso and Canadian dollar gained.
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