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President Trump warned that if the European Union fails to deliver on its commitment to invest $600 billion in the US, then he will ramp up tariffs against the 27-nation bloc.
Last month, Trump and the EU unveiled the sketches of a preliminary trade deal, featuring a 15% tariff on most imports from the trading bloc as well as commitments from Europe to invest $600 billion in the US and purchase $750 billion worth of American energy.
“Then they pay tariffs of 35%,” Trump told CNBC’s “Squawk Box” when asked about what would happen if the EU doesn’t pony up.
“They brought down their tariffs, so they paid $600 billion and because of that, I reduced their tariffs from 30% down to 15%,” the president explained. “They gave me $600 billion and that’s a gift. …They gave us $600 billion that we can invest in anything we want.”
Both the US and EU have provided sparse details about how the mechanics of the $600 billion investment commitment would work.
“The details are 600 billion to invest in anything I want. Anything. I can do, anything I want with it,” Trump reiterated when pressed again for more specifics.
“And the purpose was they’ve been ripping us for so many years that it’s time that they pay up, and they have to pay up.”
