Recently, US President Donald Trump announced that the US has no intention of creating any exceptions to steel and aluminum tariffs from the European Union (EU), and will impose reciprocal and sectoral tariffs from April 2.
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| US President Donald Trump announced that the US has no intention of making any exceptions to the EU's steel and aluminum tariffs, and will impose reciprocal and sectoral tariffs from April 2. (Source: Official White House Website) |
Specifically, Mr. Trump said that reciprocal taxes with US trading partners will be applied along with auto taxes.
"In some cases, both. They tax us and we tax them. Next up is tariffs on cars, steel, aluminum," the White House leader replied, when asked whether both sectoral and reciprocal tariffs would be imposed on April 2.
Previously, in February 2025, Mr. Trump increased import tariffs on steel and aluminum to 25%, with no exemptions or exceptions.
The move is intended to support US industry, but it is escalating trade tensions.
Commenting on the current US-EU tensions, the American Chamber of Commerce (AmCham) in the European Union (EU) emphasized that tariff tensions pose risks to transatlantic businesses, with losses potentially reaching $9,500 billion per year.
In its Transatlantic Economic Report, AmCham in the EU said that the relationship between the US and the EU is deepening and reached a record high in 2024.
By 2024, two-way trade in goods and services will reach $2 trillion and is expected to be promising this year.
However, trade tensions over tariffs are endangering the world's largest trading relationship.
AmCham in the EU noted that the tax policy of the world's largest economy will significantly impact investment activities because most of the two sides' investments mainly flow into each other's markets, not into emerging markets where costs are lower.
According to data, sales of company branches of the world's number 1 economy in the European market are four times higher than exports from the US to Europe.
Sales of European company branches in the US are also three times higher than European exports to the US.
Therefore, the spillover effects from trade conflicts will harm these companies.
Intra-bloc trade, which accounts for about 90% of Ireland's trade and 60% of Germany's, could be affected, said Daniel Hamilton, lead author of the transatlantic economic report.
Other sectors such as trade in services, data and energy will also be affected, as Europe depends on US imports of liquefied natural gas (LNG).
The tariff policies are expected to impact businesses on both sides, as US and European companies have long linked value chains to enhance global competitiveness.
Source: https://baoquocte.vn/doanh-nghiep-my-eu-co-the-thiet-hai-gan-10000-ty-usdnam-voi-thue-quan-cua-ong-trump-307966.html
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