this post was submitted on 27 Mar 2025
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Economics

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Trump threatens 'far larger' tariffs if EU and Canada unite to do 'economic harm' to the U.S. (www.cnbc.com)
submitted 4 months ago* (last edited 4 months ago) by MicroWave@lemmy.world to c/economics@lemmy.world
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Summary

Trump threatened "far larger" tariffs on the EU and Canada if they unite to harm the U.S. after announcing a 25% tariff on foreign-made cars and parts, effective April 2 and May respectively.

The tariffs aim to boost U.S. car production but may inflate prices by $5k-$10k per vehicle, harming both U.S. and foreign automakers.

Canada condemned the move as a "direct attack," while the EU signaled potential retaliation.

Global markets reacted negatively, with car stocks dropping amid fears of escalating trade tensions.

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[–] Sabin10@lemmy.world 25 points 4 months ago (4 children)

They're increasing trade between Canada and the EU because of the tariffs he's imposing. If that causes "economic harm" to the US, that's not their problem and stoger tariffs are going to make the problem worse for the US, not better. It's like Trump really doesn't understand what tariffs actually are.

[–] DrBob@lemmy.ca 11 points 4 months ago (1 children)

He is genuinely stupid. He's infuriated because people push back.

[–] pdxfed@lemmy.world 5 points 4 months ago

Every time he escalates you know you're on the right track.

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