President Trump delivers fresh tariff threats against EU and China

President Donald Trump on Tuesday vowed to hit the European Union with tariffs and said his administration was discussing a 10% punitive duty on Chinese imports because fentanyl is being sent from China to the US via Mexico and Canada.Trump voiced his latest tariff threats in remarks to reporters at the White House a day after taking office without immediately imposing tariffs as he had promised during his campaign.Financial markets and trade groups exhaled briefly on Tuesday, but his latest comments underscored Trump’s longstanding desire for broader duties and a new Feb.1 deadline for 25% tariffs against Canada and Mexico, as well as duties on China and the EU.Trump said the EU and other countries also had troubling trade surpluses with the United States.“The European Union is very, very bad to us,” he said, repeating comments made Monday.

“So they’re going to be in for tariffs.It’s the only way … you’re going to get fairness.”Trump said on Monday that he was considering imposing duties on Canada and Mexico unless they clamped down on the trafficking of illegal migrants and fentanyl, including precursor chemicals from China, across their US borders.Trump had previously threatened a 10% duty on Chinese imports because of the trade, but realigned that with the Feb.

1 deadline.China said it was willing to maintain communication with the US to “properly handle differences and expand mutually beneficial cooperation.” It sought to promote stable and sustainable ties with the US, the foreign ministry said.“We always believe that there is no winner in a trade war or tariff war.China will always firmly safeguard its national interests,” ministry spokesperson Mao Ning told reporters at a regular press briefing on Wednesday.White House trade adviser Peter Navarro told CNBC early on Tuesday that Trump’s Canada and Mexico tariff threat was to pressure the two countries to stop illegal migrants and illicit drugs from entering the US.“The rea...