US: Trump expected to announce sweeping global tariffs
On what he has dubbed "Liberation Day," US President Donald Trump is set to impose sweeping new reciprocal tariffs on many countries, the details of which are still unknown. DW has more.
Canada's auto sector is tightly linked with US carmakers. Donald Trump's latest move to slap a 25% tariff on auto parts imported from the US neighbor is leaving suppliers scrambling to adapt amid rising uncertainty.
European markets down ahead of Trump announcement
European stocks closed lower on Wednesday as investors waited for US President Donald Trump's tariff plans to be made known.
The continent's benchmark STOXX Europe 600 index closed 0.5% lower. Germany's DAX fell 0.7%.
It's been a volatile week in European markets ahead of Trump's so-called "Liberation Day" announcement.
Wall Street broker Goldman Sachs cut its 12-month forecasts for the STOXX Europe 600, citing Trump's expected plans.
The index has been circling two-month lows and is about 5.1% below its all-time high hit in March.
European Central Bank head Christine Lagarde has warned that Trump's tariffs would be harmful "the world over."
Mexico not seeking 'tit-for-tat' tariffs
Mexican President Claudia Sheinbaum said she wasn't looking to get into a tit-for-tat tariff spat with the US ahead of President Donald Trump's announcement.
Trump is expected to announce a raft of sweeping new reciprocal tariffs aimed at reducing trade deficits and boosting domestic manufacturing. US neighbors Canada and Mexico are among the countries that could be levied.
Sheinbaum said at her daily morning press conference that Mexico will on Thursday "announce a comprehensive program, not a tit-for-tat on tariffs."
Adopting a wait-and-see approach, Sheinbaum said that whatever the outcome of Wednesday's announcement, there was a plan in place.
"Let's see what announcement they make, but we have a plan to strengthen the economy under any circumstance," Sheinbaum added.
EU says response to Trump tariffs will come at appropriate time
The European Union's response to US President Donald Trump's plan to impose broad new reciprocal tariffs on global trading partners will come at the appropriate time, an EU spokesman told journalists.
Meanwhile, the French government said it expects the EU to outline its response to the new Trump's tariffs set "before the end of April."
"There will be two responses. The first, which will take place in mid-April, is a response to the tariffs already decided on steel and aluminium," government spokeswoman Sophie Primas said.
"Then, there will be a detailed study, sector by sector, and a European decision should be announced before the end of April, in a coordinated, united, and strong way," she added.
Trump tariffs prompt backlash against US goods
The Trump administration's trade tariffs have already led consumers in other countries to boycott US products and reduced tourism.
On Monday, Goldman Sachs warned that this trend is set to grow. It estimates that foreign boycotts could lower the US GDP by 0.1% to 0.3% in 2025, potentially resulting in a loss of up to $83 billion (€77 billion) based on current growth estimates.
So far, sentiment against US goods appears to be particularly strong in Canada, one of Trump's first targets for tariffs.
Many Canadian businesses have launched "Buy Canadian" campaigns, and several apps, such as Buy Beaver and Maple Scan, have emerged to help shoppers identify US products.
A YouGov poll published last month found that more than half of Canadians (53%) claim they have already started some form of boycott of American companies.
This trend is also starting to emerge in other countries worldwide, where social media groups have been set up to organize boycotts and campaigns.
In Germany, a recent survey by the research group Civey for the business newspaper Handelsblatt found that 64% of Germans would prefer to avoid US products.
(Source:DW)
