President Donald Trump declared new tariffs of 34% on imports from China and 20% on EU imports, referring to it as "Liberation Day" for American industry. The EU criticized this policy as "an act of economic self-harm" and is working on its response while balancing relationships with the U.S. Additional tariffs will supplement the existing 25% on EU steel and aluminum. The EU may retaliate by targeting the U.S. service sector, potentially impacting companies like Apple and Google and restricting intellectual property rights.
Across the Atlantic, meanwhile, the European Commission has described Trump's trade policy as "an act of economic self-harm," and is preparing its response.
Trump also said that a baseline tariff of 10% would be imposed on imports from a wide range of other countries.
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