Tariff wars: Trump says European Union next, sparks concerns
What's the story
United States President Donald Trump has vowed to impose new tariffs on the European Union (EU), saying the bloc has "really taken advantage of us."
He didn't give a timeline but promised these measures would be taken "pretty soon."
The announcement comes after Trump recently slapped tariffs on Mexico, Canada, and China.
The EU responded to the development saying it would "respond firmly" to any unfair tariffs from the US.
Trade tensions
EU prepared for retaliation, Trump halts funding to South Africa
While the EU hopes to avert a trade conflict through negotiations, it is prepared to retaliate if needed.
This position is similar to Canada, Mexico, and China who have already promised retaliatory measures against the US for Trump's tariffs.
Separately, Trump also announced a stop to funding to South Africa accusing it of land confiscation and mistreatment of certain groups.
Political involvement
Trump's ally Elon Musk calls for 'MEGA movement' in Europe
Elon Musk, Trump's close ally and the world's richest man, has also joined the European politics. He urged Europeans to join the "MEGA movement," in a play on Trump's slogan.
This comes as tensions rise over Trump's interest in buying Greenland, a proposal Denmark has strongly rejected.
The EU remains committed to low tariffs and keeping its trade relationship with the US, prioritizing economic stability within a rules-based system.
Upcoming discussions
EU leaders to discuss Trump's tariff threats in Brussels
Meanwhile, EU leaders are set to meet in Brussels to discuss Trump's tariff threats and plan their response.
Trump had earlier imposed tariffs on European steel and aluminum during his first presidency in 2018, prompting the EU to retaliate with countermeasures on American goods.
The President admitted Americans may face economic "pain" from these tariffs but insisted it would be "worth the price" for US interests.