Europe is angry at Trump.
You might ask: what else is new? Europe has been angry at Trump for a long time – that is, when it’s not busy ridiculing him for things like warning them (pre Ukraine War) about their dependence on Russian fossil fuels.
But now they’re really angry. Really really angry:
European leaders reacted with shock and anger over President Donald Trump’s ‘Liberation Day’ tariffs, with the French prime minister calling them a global “catastrophe” and the German economic minister comparing them to Russia’s invasion of Ukraine.
On Wednesday, President Trump announced reciprocal tariffs on countries that have been levying disproportionately higher import duties on U.S.-made goods. The president called April 2, the day of his announcement, the “Liberation Day” that would “forever be remembered as the day American industry was reborn.”
President Trump promised “a little tough love” for the “foreign cheaters” who, for decades, have been hurting the interests of U.S. workers and manufacturers. “Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once-beautiful American Dream,” he warned, speaking from the White House Rose Garden. “But it is not going to happen anymore.”
… The France-based Euronews TV channel reports:
“The EU is ‘preparing for further countermeasures’ to protect its interest,’ Ursula von der Leyen said after after Donald Trump announced a 20% levies on European goods, urging the US to ‘move from confrontation to negotiation’.
“’We are already finalising a first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail,’ the Commission president said on Thursday from Samarkand, Uzbekistan, where she will attend the first-ever EU-Central Asia summit.
“Outgoing German Economy Minister Robert Habeck compared the impact of US President Donald Trump’s tariffs on the world economy with that of Russia’s full-scale invasion of Ukraine.”
What I get out of all of this is that Europe is understandably angry that the US is no longer accepting the fact that Europe protects itself and the US doesn’t. But – as I’ve said before – the subject area of tariffs is most definitely not my strong suit, and I admit that they worry me.
Also, there’s this about how the Trump administration arrived at its high figure for the tariffs Europe imposes on the US:
In a statement released Wednesday night, the US Trade Representative explained that Trump’s sweeping “reciprocal tariffs” were calculated using a complex formula that aims to “balance bilateral trade deficits” between the US and its trading partners.
It adds that the calculation factors in “a combination of tariff and non-tariff factors that prevent trade from balancing.”
In other words, the 39% figure has been inflated by factoring in a range of measures that the Trump administration considers to place barriers to trade – not just tariffs.
Trump himself said during his announcement:
In the coming days, there will be complaints from the globalists, and the outsourcers, and special interests, and the Fake News, always the Fake News will always complain. But, never forget, every prediction our opponents made about trade for the last 30 years has been proven totally wrong. They were wrong about NAFTA, they were wrong about China, they were wrong about the Trans Pacific Partnership, which would have been a disaster if I didn’t terminate it. If I didn’t terminate that, United Autoworkers, you would have had no jobs in this country. You would have had no jobs. It was all going to other countries. In my first term, they said tariffs would crash the economy. Instead, we built the greatest economy in the history of the world.
I don’t know about “in the history of the world.” Typical Trump talk. But I do know that for many many decades I’ve been upset that so much of our industry has departed this country. I’ve read the arguments about how that’s not a bad thing, but I continue to see it as a bad thing when during COVID we were dependent on China for our pharmaceuticals, for example.
And then there’s this from Batya Ungar-Sargon, former leftist and now semi-changer:
Here’s the truth about tariffs: For 60 years they destroyed the American working class to funnel money upwards into the pockets of the rich. Donald Trump is the first president in generations to tell Wall Street to screw itself—he’s for the working men and women of this country.
I don’t think anyone knows where this is going.