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2025-02-27 Europe
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NOW who's 'screwed'? EU fury as Trump 25% tariffs hit European stock market and panicking officials warn the bloc will 'react as firmly as possible' after Donald said bloc was set up to 'screw the US'
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| Looking for matching tariffs, it appear to me. Trade deficits are downstream from that. |
[Daily Mail, where America gets his news] European auto shares fell today after Donald Trump unveiled a plan to slap a 25 per cent tariff on cars and other goods from the European Union last night.
The US President declared that the bloc was established just to 'screw' his country as he announced the massive levy, prompting the European Commission to vow it would counter the measures 'firmly and immediately'.
The exchange of words and impending tariffs fanned fears of an escalating trade war, sending shares of some of the biggest European carmakers sliding.
Stellantis, Volkswagen and Porsche all reversed 2 per cent, while Ferrari fell more than 6 per cent after Exor sold a roughly 4 per cent stake in the luxury automaker for 3billion euros ($3.14billion).
The pan-European STOXX 600 Automobiles and Parts Index slid 3.3 per cent as of 1015GMT, while the wider STOXX Europe 600 retreated 0.58 per cent - though it began to pick back up again later in the day.
French government spokeswoman Sophie Primas said a trade war is in no-one's interest and said the European Union 'was not created to bother the United States' but went on to affirm: 'If we must respond, we will respond.'
Fears of a trade war came as Sir Keir Starmer, on his way to meet President Trump in Washington DC, pointed out that the UK does not have a trade deficit with the US - which could mean it is spared from the White House's wrath.
Despite other carmakers taking a hit after Trump's comments, Rolls-Royce soared 16 per cent after the British engine-maker lifted its mid-term targets and beat 2024 profit-growth expectations.
Speaking in his first cabinet meeting yesterday since returning to the White House, Trump said the tariffs would hit the EU 'very soon'.
'It will be 25 per cent, generally speaking, and that will be on cars and all other things,' he told reporters yesterday.
He added: 'The European Union was formed in order to screw the United States, that's the purpose of it. And they've done a good job of it. But now I'm President.'
Trump said the EU had 'really taken advantage' of America by not accepting its cars or farm products, adding: 'We have about a $300million deficit with the European Union'.
Asked if the bloc would retaliate, he replied: 'They can't; I mean they can try, but they can't.'
The President claimed the US is the 'pot of gold' that everyone wants and when faced with retaliation it can 'go cold turkey' and not buy any more, winning the trade war.
His America First policy has already seen him announce tariffs of 25 per cent on all steel and aluminium imports.
He has also imposed 10 per cent tariffs on goods from China and is still threatening to hit Canada and Mexico with rates of 25 per cent despite putting them on hold after the US's closest neighbours agreed to strengthen their borders against drug and gun smuggling.
Trump has also threatened 'reciprocal tariffs' matching those of any country that imposes taxes on American firms, which could mean the UK suffers particularly badly as it charges VAT at 20 per cent on almost all goods.
However the US does not have a trade deficit with the UK as it does with the EU, potentially making it less of a target for the President's ire.
Total trade in goods and services between the two countries was worth £294billion in 2024. 
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Posted by Skidmark 2025-02-27 10:36||
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