Trump announces 30 percent tariffs on EU, Mexico imports

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00:00He called it Liberation Day, the 2nd of April.

00:04The U.S. president now, months later, and short on results in his trade tariff war,

00:09is intensifying the battle, announcing he would hit two of the United States' largest trading partners.

00:17In letters to Mexico and the EU, he vows a 30% tariff on imports starting on the 1st of August

00:23if there is no trade deal, and warns that figure would be increased if they retaliated.

00:28The EU Commission president, Ursula von der Leyen, responded, saying,

00:33we will continue working towards an agreement by August 1st.

00:36At the same time, we are ready to safeguard EU interests on the basis of proportionate countermeasures.

00:42The threat marks an escalation of a trade war that has rattled investors.

00:46It really is a slap in the face.

00:47This researcher at the Brussels-based think tank Bruegel argues Trump's move now will backfire.

00:52I think what he has signaled to the EU is that all the efforts that the European Commission has made

01:00to try to accommodate, try to negotiate a deal, meant nothing for Trump.

01:05I think you could have a potentially significantly negative market reaction on Monday.

01:10I certainly do not believe that this was the market consensus, that Trump would escalate to this level.

01:17You mentioned auto tariffs the other day.

01:19Trump has sent similar letters to 23 other U.S. trading partners this week,

01:25including Canada, Japan and Brazil,

01:28setting tariff rates from 20% up to 50%, as well as a 50% tariff on copper.

01:34The space of letters shows Trump has returned to the aggressive approach he took in early April,

01:39which back then led to a delay in implementation.

01:41Until recently, now they're treating us.

01:43Until recently, now they're treating us.

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