“The tariffs are going to make us very rich and very strong,” he said. “We’re going to treat other countries very fairly but … other countries charge us tariffs, we don’t charge them tariffs, and it’s about time that changes.” Asked if he would put tariffs on the European Union, he said: “Absolutely.”
Retaliatory tariffs were expected from the three countries targeted on Saturday, and Canadian Prime Minister Justin Trudeau was expected to speak later on Saturday night (Sunday AEDT). In his executive order, Trump warned that if Canada retaliated, he might increase the tariff.
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A briefing paper by the Tax Foundation, a non-partisan pro-business think tank based in Washington, estimated the tariffs “would shrink economic output by 0.4 per cent and increase taxes by $US1.2 trillion between 2025 and 2034 on a conventional basis”. That equated to a tax increase of $US830 ($1332) per American household in 2025, it said.
However, Trump disputes such claims, arguing that inflation remained low when he imposed broad tariffs in his first term. “I had almost no inflation and took in $US600 billion in money from other countries,” he said.
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