Higher US tariffs on EU goods hit Rotterdam and Schiphol in particular

'They really take advantage of us, you know. We have a deficit of $300 billion (just under €293 billion) on the trade balance with the EU. They take neither our cars nor our agricultural products, almost nothing and we take everything, millions of cars, huge amounts of agricultural products,' he explained. The US president has not yet given a date when these new import tariffs on European export goods will take effect.

On Tuesday, US import tariffs for Canada (25%), Mexico (25%) and China (10%) go into effect. Canada and Mexico, the US's largest trading partners, have already announced countermeasures in the meantime, meaning that now US export goods to these countries will also be taxed 25% higher. Trump has already responded by threatening to impose even higher tariffs on imports from the two neighbouring countries. China, meanwhile, has not yet responded.

The European Commission said Sunday that import tariffs will seriously distort trade and drive inflation upwards. 'They damage all parties involved.' The EU will further "react to any trading partner that levies unfair or arbitrary import duties," Brussels said. The European Commission pointed out that trade relations with and investment in the US are the largest in the world 'and therefore the stakes are high'.

Source: NT