Fox Business contributor Katrina Campins joins the Big Money Show to comment on the sentiment surrounding President Donald Trump's looming tariff plans.
Earlier on Thursday, President Donald Trump threatened even greater tariffs on the European Union and Canada if both economies cooperate to “prove economic harm to the United States.”
Writing on his true social platform, the president warned:
UAW praises Trump's 25% tariff on car imports: “The victory of the carmaker”
US President Donald Trump will make a statement at a Cabinet meeting held at the White House in Washington, DC on March 24, 2025. (Get McNamee / Getty Images / Getty Images)
The post comes after the president announced Wednesday that he would impose a 25% tariff on all imported cars.
The European Automobile Manufacturers Association (ACEA) issued a statement on Thursday that it was “deeply interested” with the announcement of Trump's additional tariffs.
“For decades, European automakers have invested in the United States, creating jobs, promoting economic growth in the community, and generating large tax revenues for the US government.” said in a statement. “We urge President Trump to consider the negative effects of tariffs not only on global automakers but also on domestic US manufacturing.”
President Trump sees tariffs as a way to bring tax revenues to fund tax cuts plans while spurring domestic manufacturing.
President Donald Trump has signed an executive order that imposes 25% tariffs on imported steel and aluminum as part of his continued efforts to rethink US business relations with the world. (Jabin Botsford/Getty Images/Washington Post via Getty Images)
However, the president's drastic tariffs have expanded the trade war with allies, particularly with Canada, Mexico and the EU.
Watch: How investors can leverage President Trump's tariff agenda
Earlier this month, Canada, the largest foreign supplier of steel and aluminum to the United States – announced an additional $21 billion tariff on the United States in response to Trump's 25% tariff on both products.
US Treasury Secretary Scott Bescent and US President Donald Trump keep an eye on during the White House Digital Assets Summit held at the White House state cafeteria on March 7, 2025. (Anna Money Maker/Getty Images/Getty Images)
This also sparked retaliation from the EU, and announced retaliation tariffs that would apply to US exports worth $28 billion.
Click here to get your FOX business on the go
Greg Norman and Alex Nitzberg of Fox Business contributed to this report.
