The European Union is open to negotiating with the Trump administration to remove industrial tariffs after President Donald Trump announced 20 percent levies last week.
“We have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen said Monday at a press conference.
Trump’s new 20 percent reciprocal tariff on the European Union is part of the sweeping tariff package the president unveiled last week on nations worldwide. He is instituting a 10 percent minimum global tariff and retaliatory tariffs on most countries around the world with the intention of correcting the U.S. trade deficit.
The European Union previously voiced openness to negotiating with Trump upon its announcement that it would implement $28 billion worth of retaliatory tariffs against U.S. goods in response to Trump’s 25 percent steel and aluminum tariffs.
Wall Street has reacted harshly to Trump’s tariffs, slumping for a third straight day in a decline across all three major indexes. Global markets have similarly seen major plunges because of the expectation that Trump’s tariffs will increase prices significantly and hinder economic growth.
Trump and his proponents believe his tariffs are necessary to rebuild U.S. manufacturing and end decades of unfair trade agreements that have ripped off America. Many economists expect his tariffs to increase prices considerably and dispute Trump’s longstanding belief that the U.S. trade deficit is an urgent concern.
Doubling down, Trump threatened Monday to impose a new 50 percent tariff on China after Beijing enacted 34 percent retaliatory tariffs to counter Trump’s own 34 percent tariff on Chinese goods. The 34 percent U.S. tariff on China came after Trump had already announced 20 percent universal tariffs against China in two 10 percent increments.
“Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated!” Trump said on Truth Social.
China has consistently stated its plan to fight a trade war against the U.S. if necessary. Trump routinely justifies the tariffs on China by accusing them of not doing enough to limit the flow of fentanyl out of the country. Fentanyl and its components are often produced in China and then shipped to Mexico before being smuggled across the southern border.
Trump also suggested that negotiations with other countries will begin taking place, without going into specifics. The Trump administration has said over 50 countries have reached out to discuss potential deals to sidestep Trump’s dramatic global tariff package.