Trump threatens with tariffs on oil and chips

USA introduces trade tariffs against Canada, Mexico, and China on Saturday. President Donald Trump also threatens with new tariffs on oil and data chips – and simultaneously threatens to introduce tariffs on goods from the EU. The European Union has treated us terribly, he says.

» Published: January 31 2025

Trump threatens with tariffs on oil and chips
Photo: Evan Vucci/AP/TT

Messages about trade tariffs came in waves from Washington DC on Friday. First out was the president's spokesperson Karoline Leavitt, who confirmed Trump's earlier decision.

These are promises that have been made and promises that have been kept by the president, she said.

Then the president himself received reporters, with new statements.

Sooner or later, we will impose trade tariffs on data chips, on oil, and on gas, he said in the Oval Office, adding that some of these may be introduced as early as February 18.

Earlier, Trump had wavered on the goal of, among other things, imposing trade tariffs on oil imports.

Tariffs await EU

Trump was also asked about his stance towards EU countries:

Will I impose tariffs on the European Union? Do you want an honest answer or should I give you a political answer? he wondered rhetorically and then answered:

Absolutely. The European Union has treated us so terribly.

Canada and Mexico will be subject to 25 percent tariffs, while imported Chinese goods will receive 10 percent tariffs, which are the figures mentioned earlier.

It's because (countries) have manufactured illegal fentanyl and allowed it to be distributed into our country, which has killed tens of millions of Americans, said Karoline Leavitt.

Difficult days

The president, on his part, emphasized that China, Canada, and Mexico cannot do "anything" to change the decision. But the affected countries say they will respond.

The leading Democratic senator Charles Schumer criticized Trump for the decision:

If these trade tariffs are implemented, prices on food, on cars, on gasoline will make it harder for middle-class families to make ends meet.

Mexico's president Claudia Sheinbaum says the country has "a plan A, a plan B, and a plan C" ready for all decisions the US makes, while Canada's outgoing prime minister Justin Trudeau threatens that the country will act.

I don't want to hide (the economic problems), the next few days and weeks will be difficult for our country, he said according to BBC.

In previous trade wars, tariffs have been imposed on, among other things, orange juice and alcoholic beverages from the US. Canada can also threaten to reduce energy exports to mainly northeastern USA, which is heavily dependent on Canadian energy supply.

From the Chinese side, a spokesperson for the country's embassy in the US says that "there is no winner in a trade war".

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TTT
By TT - Translated and adapted by Sweden Herald under license from TT

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