President Trump announced new tariffs of 34% on Chinese imports and 20% on European Union imports, declaring it 'Liberation Day' for American industry. This move comes amid existing tariffs on EU steel and aluminum, raising tensions in transatlantic relations. The EU, viewing Trump's policy as economic self-harm, prepares to respond strategically, potentially limiting US companies' operations in Europe, while being careful to minimize negative effects on its own economy. The EU's trade surplus with the US adds complexity to the situation.
Trump also said that a baseline tariff of 10% would be imposed on imports from a wide range of other countries.
The EU has several tools at its disposal as it balances having a consequential response, while minimizing the impact and disruption to its own citizens and consumers.
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