Trump digs in as EU offers US industrial goods | Australian Markets
US President Donald Trump stays defiant as world markets proceed to plunge amid fears of a recession after his tariff announcement final week.
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!,” he wrote on Truth Social, his social media platform.
Trump accused different nations of “taking advantage of the Good OL’ USA!” on worldwide trade and stated “our past ‘leaders’ are to blame for allowing this”.
The Republican president has insisted his tariffs are essential to rebalance world trade and rebuild home manufacturing.
He has singled out China as “the biggest abuser of them all” and criticised officers in Beijing for rising their own tariffs in retaliation.
The European Union was offering the United States an settlement on the reciprocal lifting of all tariffs on industrial goods, European Commission President Ursula von der Leyen stated on Monday.
The EU stays prepared to barter a answer regardless of the US tariff selections, von der Leyen stated, after an exchange with representatives from the metal and metals industries.
The US imposed tariffs of up to 25 per cent on imports of metal, aluminium and associated by-product merchandise from the EU and different trading companions in March.
On Saturday, the US authorities moreover launched common tariffs of a minimal of 10 per cent on imports from virtually all its trading companions.
Significantly greater levies will apply for some nations, relying on trade deficits, with goods from the EU dealing with a 20 per cent tariff from Wednesday.
United Kingdom Prime Minister Keir Starmer stated on Monday the federal government would back its car producers “to the hilt” after Trump on April 3 imposed a 25 per cent tariff on car imports.
Starmer described the tariffs as a “huge challenge”.
Trump stated on Sunday he wouldn not back down from his tariffs regardless of the turmoil in the worldwide markets.
“Sometimes you have to take medicine to fix something,” Trump stated.
Goldman Sachs issued a new forecast saying a recession has turn out to be more doubtless even when Trump relents from his tariffs.
The financial firm stated financial growth would gradual dramatically “following a sharp tightening in financial conditions, foreign consumer boycotts and a continued spike in policy uncertainty that is likely to depress capital spending by more than we had previously assumed”.
On Monday, the president is scheduled to welcome the Los Angeles Dodgers to the White House to rejoice their World Series victory.
He can also be assembly with Israeli Prime Minister Benjamin Netanyahu and they’re anticipated to carry a joint press convention in the afternoon.
with DPA and Reuters
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