FOX Business contributor Katrina Campins appears on ‘The Big Money Show’ to discuss the public’s perception regarding President Donald Trump’s upcoming tariff initiatives.
On Thursday morning, President Donald Trump issued a warning of even higher tariffs on the European Union and Canada if the two economies coordinated to inflict “economic harm to the USA.”
In a message through his Truth Social platform, the president stated: “Should the European Union collaborate with Canada to harm the U.S. economy, substantial tariffs, significantly greater than currently planned, will be imposed on both to safeguard the best ally that each has ever had!”
UAW COMMENDS TRUMP’S 25% TARIFF ON AUTO IMPORTS: ‘A WIN FOR AUTOWORKERS’
U.S. President Donald Trump speaks during a Cabinet meeting at the White House on March 24, 2025, in Washington, DC. (Win McNamee/Getty Images / Getty Images)
This statement follows Trump’s announcement on Wednesday that he would enact a 25% tariff on all imported vehicles.
The European Automobile Manufacturers’ Association (ACEA) released a statement on Thursday expressing their “deep concerns” regarding Trump’s plan for additional tariffs.
“For decades, European automakers have been investing in the U.S., creating jobs, promoting economic growth within local communities, and generating significant tax revenue for the U.S. government,” stated ACEA Director General Sigrid de Vries. “We urge President Trump to reflect on the adverse effects of tariffs not just on global automakers but also on U.S. domestic manufacturing.”
President Trump perceives tariffs as a mechanism to generate tax revenue that could support his tax reduction initiatives while also invigorating domestic manufacturing.
President Donald Trump signing executive orders that impose 25-percent tariffs on imported steel and aluminum as part of his efforts to reshape U.S. trade relations with other countries. (Jabin Botsford/The Washington Post via Getty Images / Getty Images)
However, the president’s extensive tariffs have heightened tensions in a trade war with U.S. allies, particularly Canada, Mexico, and the EU.
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Earlier this month, Canada, the largest foreign provider of steel and aluminum to the U.S., announced $21 billion in additional tariffs in retaliation to Trump’s 25% tariffs on these commodities.
U.S. Secretary of the Treasury Scott Bessent and U.S. President Donald Trump at the White House Digital Assets Summit held in the State Dining Room on March 7, 2025. (Anna Moneymaker/Getty Images / Getty Images)
This led to a countermeasure from the EU, which announced retaliatory tariffs affecting American exports estimated at $28 billion.
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FOX Business’ Greg Norman and Alex Nitzberg contributed to this report.
