United States President Donald Trump has threatened to impose tariffs on the European Union (EU) and said his administration is discussing a punitive 10 percent tariff on Chinese imports because fentanyl is being shipped from China to the United States via Mexico and Canada, Reuters reports.
Trump made the latest tariff threats in a White House address to reporters the day after taking office.
He did not immediately introduce tariffs as he promised during the election campaign.
Financial markets briefly took a breather on Tuesday, but his new statement confirms Trump's long-standing desire for more comprehensive tariffs on Canada and Mexico, as well as China and the EU, according to Reuters.
Trump said the EU and other countries have problematic trade surpluses with the US.
"The European Union is very, very bad to us. So they're going to be hit with tariffs. That's the only way... to get a fair (deal)," Trump said.
Trump said he was considering imposing 25 percent tariffs on Canada and Mexico starting February 1 unless they stop smuggling illegal immigrants and fentanyl across the US border, including precursor chemicals from China. Trump confirmed he was considering punitive tariffs of XNUMX percent on Chinese imports.
China said it was willing to maintain communication with the US to "properly resolve differences and expand mutually beneficial cooperation."
China's Foreign Ministry said it is striving to promote stable and sustainable ties with the US.
"We always believe that there are no winners in a trade or tariff war. China will always firmly safeguard its national interests," ministry spokesman Mao Ning told reporters at a regular press briefing on Wednesday.
White House trade adviser Peter Navarro told CNBC that Trump's threat of tariffs on Canada and Mexico is pressure on the two countries to stop illegal migrants and drugs from entering the United States.
"The reason he's considering 25 and ten (percent), or whatever it is, for Canada, Mexico and China is because 300 Americans die every day" from fentanyl overdoses, Navarro said.
Trump signed a sweeping trade memorandum directing federal agencies to complete comprehensive analyses of a range of trade issues by April 1. This includes analyses of U.S. trade deficits, unfair trade practices and currency manipulation by partner countries, including China.
Bonus video:
