Trump Proposes 10% Tariffs, Hilton & Becerra Lead Votes, More
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And I'm Stephen Carroll.
The US is proposing tariffs of at least 10% on imports for most major trading partners following an investigation into goods allegedly produced using forced labour. The probes are one part of the administration's effort to revive Trump's tariffs after the Supreme Court ruled that many of them were unconstitutional. The 10% rate would apply to imports from the UK, the EU, Canada, Mexico and Taiwan. Products from other major economies including China, India, Japan, South Korea, Brazil and Switzerland would be subjected to a 12.5% levy. Former US Secretary of State Mike Pompeo gave his reaction to the announcement as the news broke overnight.
The president has used tariffs to try and achieve objectives. That's a legitimate use of America's power to tax, right? It's a very reasonable thing. When you think other nations are not behaving in a way that are consistent with the things that matter to your citizens, the people that the president was elected to represent, hopefully you'll set out clearly this is the expectation, this is the behavior we're trying to achieve. When you do that, you remove the tariff and countries go compete. But I have no problem with the president of the United States making a decision saying, no, this is the right thing to do. And other countries will make their own choices.
America's former chief diplomat Mike Pompeo speaking to Bloomberg, the levies will not take effect immediately and are subject to a public comment and review period that begins this week.
The European Union will today announce plans to boost its tech industry and reduce its reliance on American and other suppliers. A draft of the plan, seen by Bloomberg, contains measures on chips, cloud computing and artificial intelligence, including driving construction of European data centres. The proposal is an effort to challenge US dominance of the sector from major players like Amazon Web Services, Microsoft Azure and Google Cloud. Former Executive Vice President of the European Commission, Margareta Vestager, has told Bloomberg Radio that Europe needs more alternatives.
I think it's really important to define technological sovereignty as a question of control. Can you control what is essential to you? And of course, not all data is equal, but some data is more important than other data. And I think it's really important that data that you really want only to be for European jurisdiction, that you make sure that you have only European jurisdiction.
Margaret of Vestager there, who helped develop the EU's digital rulebook.
What recent tariff proposals has the US government introduced?
It comes amid reports that the bloc's €20 billion investment plan in AI data centres faces a number of delays and funding issues. Sources tell Bloomberg the EU's efforts to back gigafactories announced last year lack clarity about demand on subsidies.
The fragile ceasefire in the Middle East faces its latest test after US forces intercepted Iranian strikes and hit a command centre in the Islamic Republic. US Central Command said that Iran had launched ballistic missiles and drones towards neighbouring countries including Kuwait and Bahrain. Here's Onna Ant, our managing editor for the Middle East and Africa.
The bottom line of what's happening, including those missile attacks by Iran and the U.S. response, is that we are seeing an agitation in the market. People are losing belief that the longer this process takes, the more likely it is to see risks that could derail the whole peace process, if we can call it that. And the agitation is expressing itself in many ways.
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