WA Gold Targets at Mystique
They target various goods, from Italian coffee and Japanese whisky to Asian-made sportswear, and have already prompted automaker Stellantis (NYSE:STLA) to temporarily lay off US workers and shutter plants in Canada and Mexico.
“The consequences will be dire for millions of people around the globe,” European Commission President Ursula von der Leyen said in a scathing response, reflecting rising fears of escalating trade conflicts.
China, which is now facing a 54 percent tariff on its exports to the US, has vowed immediate retaliation, while the EU, which is subject to a 20 percent duty, has hinted at targeted countermeasures.
Despite mounting criticism, Trump continues to defend the tariffs, claiming they are necessary to counter unfair trade practices and revive the American manufacturing industry. He has described the policy as “Liberation Day” for the US economy, insisting it will incentivize companies to relocate production back to American soil.
“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike,” Trump declared from the White House Rose Garden on Wednesday.
Administration officials argue the tariffs will create jobs and open new export markets, though they acknowledge the benefits may take time to materialize. “We know a lot of Americans are worried,” US Vice President JD Vance told Fox News. “What I’d ask folks to appreciate here is that we are not going to fix things overnight.”
Trump himself appears unfazed by the turmoil and criticism, posting on Truth Social, his social media platform: “THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING.”
Global leaders scramble to respond
The tariffs have ignited geopolitical tensions, particularly among US allies. Japan and South Korea, both home to major American military bases, were hit with tariffs of 24 percent and 25 percent, respectively.
Taiwan faces a 32 percent tariff despite ongoing US military support amid Chinese pressure.
In Europe, Germany’s IW research institute estimates that the tariffs could wipe out 750 billion euros (US$833 billion) from the region’s economy. The move has compounded existing tensions between the US and NATO allies, particularly regarding defense spending and Trump’s controversial stance on Russia’s war in Ukraine.
Robert Habeck, Germany’s economy minister and vice chancellor, has suggested the formation of closer economic ties with Canada and Mexico to counterbalance US policies. “Opportunities for new alliances are emerging that we should use determinedly and decisively,” he stated, as reported by Reuters.
Canadian Prime Minister Mark Carney condemned the tariffs, saying he has spoken with German Chancellor Olaf Scholz about strengthening trade ties. “As we face the crisis caused by President Trump’s tariffs, reliable trade partners are more important than ever,” Carney said, adding that Canada intends to take…
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