Trump threatens tariffs on EU and China

WASHINGTON — 
US President Donald Trump said on Tuesday he plans to impose tariffs on the European Union, which he accuses of unfair trade with the United States.

Trump also said that his administration was discussing a 10% punitive tariff on goods imported from China, because the drug fentanyl from China is being smuggled into the United States through Mexico and Canada.

Trump announced the new tax threats during a speech at the White House on Tuesday, a day after taking office, without immediately fulfilling his campaign promises to impose taxes.

Trump's latest remarks underscore his long-standing desire to expand tariffs, with a February 1 deadline set to impose a 25% tariff that would affect Canada and Mexico, as well as China and the European Union.

Trump said the European Union and other countries have excessive trade advantages against the United States.

"The European Union is hurting us very, very badly," he said, echoing comments he made on Monday. "So they have to face taxes. It's the only way ... you can get justice."

Trump said Monday he is considering imposing tariffs on Canada and Mexico if they do not take action to control illegal trafficking and the drug fentanyl, including chemicals shipped from China, entering the United States.

Trump had previously threatened to impose a 10% tariff on Chinese imports, but postponed the plan until a February 1 deadline.

China said it was ready to continue talks with the United States to “properly manage differences and expand mutually beneficial cooperation.”

She also said she wants to develop a stable and lasting relationship with the United States, according to the Foreign Ministry.

"I always believe that there can be no winner in a trade war or tariff war. China will always firmly safeguard its national interests," said foreign ministry spokesman Mao Ning, speaking to the media on Wednesday.

White House trade adviser Peter Navarro told CNBC on Tuesday that Trump's tariff threat to Canada and Mexico is an attempt to pressure both countries to stop illegal immigration and dangerous drugs crossing U.S. borders.