In an interview with Fox News on Friday, the United States Secretary of the Treasury (USA) Scott Besent said that US president Donald Trump believes that the proposals of the European Union have not been of good quality, according to Reuters.
Key aspects
“Trump’s movement is in response to the EU rhythm on tariffs.”
“I hope this turns on a fire under the EU.”
“The EU has a collective action problem.”
“He would like Apple to help the US to improve the semiconductor supply chain.”
“Trump is trying to bring precision manufacturing back to the US”
“The US is advanced in commercial conversations with India and Asian countries.”
“Most countries are negotiating in good faith, except the EU.”
“These agreements are moving quickly.”
“We will see more agreements announced within a period of 90 days.”
FAQS tariffs
Although tariffs and taxes generate government income to finance public goods and services, they have several distinctions. Tariffs are paid in advance in the entrance port, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and companies, while tariffs are paid by importers.
There are two schools of thought among economists regarding the use of tariffs. While some argue that tariffs are necessary to protect national industries and address commercial imbalances, others see them as a harmful tool that could potentially increase long -term prices and bring to a harmful commercial war by promoting reciprocal tariffs.
During the election campaign for the presidential elections of November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy. In 2024, Mexico, China and Canada represented 42% of the total US imports in this period, Mexico stood out as the main exporter with 466.6 billion dollars, according to the US Census Office, therefore, Trump wants to focus on these three nations by imposing tariffs. It also plans to use the income generated through tariffs to reduce personal income taxes.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
