European Commission President Ursula von der Leyen stated the EU is prepared to negotiate with the U.S. over impending tariffs but will strongly retaliate if necessary. The EU opposes the announced tariffs on European steel, aluminum, cars, and car parts, and is open to negotiation but possesses a robust plan for countermeasures, including already planned duties on $US28 billion of US goods. This action follows President Trump’s expected announcement of reciprocal tariffs, fueling global trade war concerns. Other countries, including China, Japan, South Korea, and Taiwan are also preparing countermeasures to the potential tariffs.
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In retaliation for U.S. tariffs, China announced its own tariffs on various U.S. goods, including liquefied natural gas, coal, crude oil, farm equipment, and autos, alongside export controls on rare earth metals and an anti-monopoly investigation into Google and other U.S. companies. These Chinese tariffs are not set to take effect until February 10th. This delay provides a window of opportunity for Presidents Trump and Xi to negotiate and potentially de-escalate the trade conflict. The timing is notable given Trump’s recent temporary suspension of tariffs on Canadian and Mexican goods.
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President-elect Trump and Prime Minister Trudeau held a productive meeting in Florida, addressing key issues including the threat of US tariffs on Canadian goods and the opioid crisis. Discussions also covered border security, national defense, and the trade deficit between the two countries. While no formal agreements were reached, the meeting fostered a positive atmosphere, with Trudeau reportedly committing to increased border security measures, including the purchase of new surveillance helicopters. The meeting followed Trump’s threat of imposing tariffs unless Canada made significant border changes, prompting a swift Canadian response involving increased police presence and funding commitments.
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John Q. Hosedrinker