US President Donald Trump announced the sweeping taxes on Wednesday, which he referred to as “Liberation Day”. He has imposed new taxes on nearly all US trading partners – 20% taxes on imports from the European Union. The tariffs have drawn reactions from several leaders. Italian Prime Minister Giorgia Meloni has said that the US tariffs on European Union imports are “wrong”.
However, Meloni, a Trump ally, stated that the EU tariffs would “not suit either party,” referring to both the EU and the US. She added she would be committed to working towards a deal with the US to “prevent a trade war”, reported the BBC.
He is also imposing a 10% baseline tax on imports from all countries in response to what he called an economic emergency. Some of the steepest tariffs will be imposed on smaller nations, including Lesotho, which faces a 50% levy.
Spanish Prime Minister Pedro Sanchez vowed to safeguard Spain’s businesses and workforce, reaffirming the country’s commitment “to an open global world”.
Meanwhile, Irish Trade Minister Simon Harris expressed a willingness to negotiate with the US, calling it the “best way forward.” Taoiseach Micheal Martin, however, criticised Trump’s decision as “deeply regrettable,” arguing that it serves no one’s interests, as per BBC.
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Trump stated that the new measures would “make America rich again,” adding that he had been “very kind” in his decisions.
Outside the EU, Australian Prime Minister Anthony Albanese criticized the tariffs as “unjustified,” warning that Americans would bear the greatest cost. However, he stated that his government would not impose reciprocal measures, adding, “We will not join a race to the bottom that leads to higher prices and slower growth.”
According to the BBC, Latin America’s largest economy, Brazil, passed the Economic Reciprocity Law in Congress on Wednesday in response to Trump’s 10% tariff. Brazilian President Luiz Inacio Lula da Silva stated last week that his country “cannot stand still” in the face of the tariffs.
Pillaged & Plundered
Trump asserted that the tariffs were intended to strengthen domestic manufacturing. He criticised the global trade system that the United States played a key role in establishing after World War II. He claimed that “our country has been looted, pillaged, raped, and plundered” by other nations.
This move represents a historic tax increase that could strain the global order to its limits. It marks the beginning of what may be a difficult period for many Americans, as the costs of middle-class essentials like housing, automobiles, and clothing are expected to rise. Additionally, it threatens to destabilise longstanding alliances that have been crucial for maintaining peace and economic stability.
