Trump has threatened to start a trade war with the EU in recent months, posting on social media in December that unless the bloc buys more American oil and gas, it would be “TARIFFS all the way!!!”
However, his remarks Friday were the first time he confirmed as much. He did not say exactly what the tariffs would be or on what specific goods they would be imposed, but said he plans on “doing something substantial.”
During his first term, Trump imposed tariffs of 25 percent on steel imports and 10 percent on aluminum imports from the EU, Canada and Mexico, sparking a trade war with the bloc, which hit back with tariffs on American goods including whiskey, motorcycles and denim, worth around $6 billion.
The European Commission has repeatedly said it is ready to retaliate again if Trump levies tariffs this time around.
The EU exported $576.3 billion worth of goods — nearly 20 percent of its total exports — to the U.S. in 2023, according to U.S. Census Bureau data, making America the bloc’s second-largest trading partner.
Trump on Friday also announced 25 percent tariffs on goods from neighboring Canada and Mexico, and 10 percent on imports from key trade partner China, which he said would go into effect on Saturday.
