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Finance

Posted By Global Banking and Finance Review

Posted on January 21, 2025

Trump vows to hit EU with tariffs, eyes 10% tariff on China on Feb. 1

(Reuters) - U.S. President Donald Trump vowed to hit the European Union with tariffs and said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1 because fentanyl is being sent from China to Mexico and Canada.

Trump, speaking to reporters at the White House, said he had already imposed large tariffs on China during his first term. He said the European Union and others also had troubling trade imbalances with the United States.

"The European Union is very, very bad to us," he said, repeating comments made Monday. "So they're going to be in for tariffs. It's the only way ... you're going to get fairness."

(Reporting by Steve Holland; Writing by Ryan Patrick Jones; Editing by Lisa Shumaker)

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