Confessing tariffs fuel inflation, Trump orders up a plan for more
Shafaq News/ US President Donald
Trump admitted Thursday that "prices may rise" in the United States
as a result of tariffs imposed on both allies and competitors alike.
Speaking to reporters at the White
House, Trump expressed confidence that inflation—an issue central to his
campaign last year—would ultimately decrease. His comments came after he
announced his decision to escalate the ongoing trade war by imposing reciprocal
tariffs on a broad range of nations.
Trump stated that US allies
"are often worse than our enemies" when it comes to trade practices.
On Wednesday, European Union members
reaffirmed their unity and commitment to defending the EU's steel and aluminum
industries following Trump's announcement of new tariffs.
In the latest chapter of the global
trade war he initiated upon taking office on January 20, Trump signed an
executive order Monday setting March 12 as the start date for a 25% tariff on
steel and aluminum imports.
These tariffs will apply to all
exporting countries "without exception," as confirmed by the
Republican president.
For the European Union, this move
effectively nullifies an agreement reached with the United States in 2021,
which had temporarily suspended tariffs imposed during Trump’s first term.
