After India-China, now Trump is after EU, imposed 50% tariff… What does he want to do?

New Delhi: US President Donald Trump has again raised the possibility of trade war by imposing a new tariff of 50% on the European Union. Earlier, the US was imposing tariff on tariff on China. Apart from this, a statement was also given regarding tariff on India and it was also claimed that India wants to impose ‘zero tariff’ on American products, while Indian Foreign Minister S Jaishankar clearly denied this.

After this new tariff imposed on EU, the fear of trade war has once again deepened across the world and there has been a huge decline in the global market. Not only this, Donald Trump has made another big announcement. He has announced a 25% tariff on smartphones not made in America, which also includes Apple’s iPhone. This means that if a mobile company is not manufacturing in the US, then it will have to pay 25 percent import duty on selling its phones in the US.

What did Donald Trump say?
The tariff on EU and tech companies will come into effect from June 1. In a post on social media, Donald Trump targeted the EU and said, “Trade talks have come to a standstill. Our discussions with them are not reaching any conclusion.” He accused the European Union of behaving unfairly and insisted that American products have been banned in Europe.

America loses $2.5 billion every year
Trump wrote, “The European Union, which was formed with the primary purpose of taking advantage of the United States on trade. Now it has been very difficult to deal with it. His powerful trade barriers, VAT taxes, ridiculous corporate penalties, non-monetary trade barriers, manipulation, unfair and unjust lawsuits against US companies, and much more, have led to a trade deficit of over $250,000,000 per year with the US. This is not acceptable, he said.’

Stock market panic
The US President’s announcement triggered a massive drop in global markets. US stock futures fell sharply and European markets fell 2%, as investors worried about rising trade barriers. In addition, Apple shares also fell sharply and fell by 3%.

What did the EU say?
In response to Trump’s statement, a spokesperson told Reuters that the EU would await the outcome of the 15:00 GMT call between Sefcovic and Greer during trade discussions before issuing any formal comment.

What does Trump want to do?
Donald Trump wants to eliminate unfair trade for America by imposing tariffs on other countries or by making trade deals, so that America’s trade deficit is reduced. Apart from this, Donald Trump wants to improve the American economy further, so that a situation like recession does not arise in the future. Meanwhile, experts claim that there is a risk of inflation in America due to imposing tariffs and it will also affect the economy of America.