The President of the United States, Donald Trump, asserted that the country has incurred trillions of dollars over decades due to what he describes as unfair trade practices by numerous nations globally.
In a statement made via the “Truth Social” platform yesterday, Trump remarked that the United States has been exploited in trade, and even in military matters, by both allies and adversaries for an extended period. He continued, stating that this exploitation has cost the nation trillions of dollars, a situation that is unacceptable and cannot proceed any longer.
The American leader emphasized that other nations must recognize that the era of free benefits is over, and the United States will begin taking necessary steps to safeguard its economic interests.
These comments come amidst escalating trade tensions with key partners, as Trump threatened to impose a 30% tariff on imports from the European Union and Mexico starting August 1, given that extensive negotiations over the past weeks with significant trading partners failed to result in comprehensive trade agreements.
In response, the European Union stated that it will extend the suspension of countermeasures until early August and will continue to push for a negotiated settlement.
Adding to the tensions, Italian Foreign Minister Antonio Tajani disclosed in a media interview that the European Union has prepared a list of American goods valued at €21 billion (approximately $24.52 billion) for potential tariffs if no trade agreement is reached between the two sides.
Additionally, Japanese Prime Minister Shigeru Ishiba noted that discussions regarding tariffs with the United States are ongoing, following Trump’s decision to increase tariffs on Japanese imports to 25% starting August 1. However, the chances of Ishiba’s ruling coalition maintaining a majority in the Senate appear diminished as elections approach on July 20.