US President Announces Sweeping Tariffs on EU Goods
Donald Trump's administration declares 20% tariffs as part of a 'Liberation Day' initiative, affecting exports from multiple countries.
On April 2, 2025, U.S. President Donald Trump announced significant tariffs on goods imported from the European Union, instituting a sweeping 20% levy aimed at leveling trade relations.
Trump designated the day as 'Liberation Day,' a term he used to imply the U.S.'s independence from what he perceives as unfavorable international trade practices.
The announcement indicates a series of counter-tariffs, with Trump stating that the retaliatory measures are a response to similar actions taken by other nations.
'They do it to us; we will do it to them,' he declared during the press briefing.
Major U.S. technology companies experienced immediate market repercussions following the tariff announcement, with shares in firms such as Apple, Microsoft, and Nvidia plummeting during after-hours trading.
Reports indicated a drop of 6.1% for Apple, 2% for Microsoft, and 5.9% for Tesla, among others.
In reaction to Trump’s announcement, the German Chemical Industry Association (VCI) expressed concern over what they termed an 'escalation spiral.' VCI's chief executive, Wolfgang Große Entrup, highlighted the implications for the German economy and urged a calm and coordinated response from both domestic and European authorities.
The United Kingdom's government, via Economic Secretary Jonathan Reynolds, announced intentions to pursue a trade agreement with the U.S. amidst the impending tariffs.
Reynolds emphasized the importance of maintaining a strong economic relationship, noting the flexibility to act against the tariff imposition.
In the wake of the tariffs, the price of gold surged, reflecting investor apprehension regarding economic instability; the price for an ounce rose by 0.7% to $3,133.57. Analysts indicated this spike could be due to perceived aggression in the tariffs, which exceeded initial expectations.
During the event, Trump also signed the tariff legislation amidst applause from attendees.
He reiterated a commitment to American manufacturing, claiming that 'American jobs and factories will come back to our country.' Importantly, the tariffs would not solely target consumer goods; they will also encompass significant sectors such as the automotive industry, extending to vehicles, engines, lithium batteries, and related parts.
While Trump did not address reports concerning Elon Musk's reported departure as a special advisor, the atmosphere during the announcement remained focused on the trade measures set to reshape U.S. economic policy.
Trump designated the day as 'Liberation Day,' a term he used to imply the U.S.'s independence from what he perceives as unfavorable international trade practices.
The announcement indicates a series of counter-tariffs, with Trump stating that the retaliatory measures are a response to similar actions taken by other nations.
'They do it to us; we will do it to them,' he declared during the press briefing.
Major U.S. technology companies experienced immediate market repercussions following the tariff announcement, with shares in firms such as Apple, Microsoft, and Nvidia plummeting during after-hours trading.
Reports indicated a drop of 6.1% for Apple, 2% for Microsoft, and 5.9% for Tesla, among others.
In reaction to Trump’s announcement, the German Chemical Industry Association (VCI) expressed concern over what they termed an 'escalation spiral.' VCI's chief executive, Wolfgang Große Entrup, highlighted the implications for the German economy and urged a calm and coordinated response from both domestic and European authorities.
The United Kingdom's government, via Economic Secretary Jonathan Reynolds, announced intentions to pursue a trade agreement with the U.S. amidst the impending tariffs.
Reynolds emphasized the importance of maintaining a strong economic relationship, noting the flexibility to act against the tariff imposition.
In the wake of the tariffs, the price of gold surged, reflecting investor apprehension regarding economic instability; the price for an ounce rose by 0.7% to $3,133.57. Analysts indicated this spike could be due to perceived aggression in the tariffs, which exceeded initial expectations.
During the event, Trump also signed the tariff legislation amidst applause from attendees.
He reiterated a commitment to American manufacturing, claiming that 'American jobs and factories will come back to our country.' Importantly, the tariffs would not solely target consumer goods; they will also encompass significant sectors such as the automotive industry, extending to vehicles, engines, lithium batteries, and related parts.
While Trump did not address reports concerning Elon Musk's reported departure as a special advisor, the atmosphere during the announcement remained focused on the trade measures set to reshape U.S. economic policy.
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