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Trump Threatens Bigger Tariffs on EU, Canada 'if They Work to Harm U.S.'
President Donald Trump warned he'll impose larger import tariffs on the European Union and Canada if they collaborate to harm the U.S. economy.
What to know:
- President Donald Trump said he'll impose larger import tariffs on the European Union and Canada if they collaborate to harm the U.S. economy.
- Despite the threat, financial markets remain stable, with bitcoin below $88,000 and Germany's DAX futures down by 0.3%.
- The market's resilience is likely due to Federal Reserve Chairman Jerome Powell's suggestion that inflationary pressures from tariffs could be temporary.
President Donald Trump has threatened bigger import tariffs against the European Union (EU) and Canada if they work together "to do economic harm" to the U.S.
"If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!” Trump said in a late Wednesday night post on Truth Social.
STORY CONTINUES BELOW
Financial markets remained steady in the wake of the new threat, with BTC in stasis below $88,000. Germany's DAX futures fell 0.3% while their Wall Street counterparts traded flat to positive.
The resilience in the market likely stems from Federal Reserve Chairman Jerome Powell's recent indication that the inflationary pressures resulting from tariffs could be transitory.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
