President Donald Trump addressed the possibility of a ban on U.S. food imports by the European Union while on the runway in Palm Beach on Sunday before he left to attend the Daytona 500.
According to the Irish Star, when asked for his reaction, the Trump offered a short response. This discussion followed the president’s recent signing of a memo, which pledges reciprocal tariffs on both allies and adversaries, in response to what the Trump administration views as unfair and discriminatory trade practices.
“That’s alright. I don’t mind. Let them do it. Let them do it. They’re only hurting themselves if they do that,” Trump said.
He continued: “I can’t imagine it, but it doesn’t matter. We’re having reciprocal tariffs. Whatever they charge we charge — very simple. If a certain country like India, which is very high tariff, if they charge us ‘X’ dollars we charge them ‘X’ dollars. It’s a fair thing to do. Even the media said it was fair. And it’s going to be very good for the United States.”
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On Friday, the European Commission announced its intention to respond “firmly and immediately” to the increased tariffs proposed by Trump, describing the “reciprocal” trade policy as unjustified and a step in the wrong direction.
Trade experts caution that the potential trade war the U.S. appears to be initiating could lead to higher domestic prices for products like food.
According to the Financial Times, the E.U. is set to convene next week to consider the implementation of import limits on U.S. crops such as soybeans and other foodstuffs, which are produced under different regulatory standards.
The White House fact sheet on the Trump administration’s “Fair and Reciprocal Plan” on trade says the U.S. will no longer be taken advantage by other nations.
“Gone are the days of America being taken advantage of. This plan will put the American worker first, improve our competitiveness in every area of industry, reduce our trade deficit, and bolster our economic and national security,” the memo reads. “The United States is one of the most open economies in the world, yet our trading partners keep their markets closed to our exports. This lack of reciprocity is unfair and contributes to our large and persistent annual trade deficit.”
