Trump threatens major tariff hike on 23 nations
Donald Trump is pushing for big new tariffs—20% to 50%—on imports from 23 countries like the EU, Mexico, Canada, Japan, and Brazil.
He says these will kick in if new trade deals aren't made by August 1.
These would stack on top of already high tariffs on things like steel, aluminum (both at 50%), autos (25%), and copper too.
The main reasons? Trade deficits and concerns about fentanyl smuggling.
EU and Mexico have called the plan unfair
This move puts serious pressure on major US trading partners to cut individual deals fast or face higher costs.
The EU and Mexico have called the plan unfair but are open to talking; Mexican President Claudia Sheinbaum emphasized her country's right to handle its own border issues.
The EU worries these tariffs could mess with supply chains and hit businesses and shoppers hard.
Oddly, even though Mexico has seized more fentanyl than Canada, it gets a lower tariff—which could create tension with close allies just as global trade talks are already complicated.