Sun, 30 Mar 2025

Sun, 30 Mar 2025 The US firms backing Trump's fight over trade

Businesses think Trump is right about unfair trade. But are the US president's reciprocal tariffs the answer?

* The EU imposes a 24% import tax on US-made jams and jellies, making it difficult for American companies like JM Smucker to compete.
* In contrast, the US has an average tariff of just 4.5% on imported jam and jelly.
* The imbalance in trade between the two regions is so significant that US companies are now advocating for tariffs on EU-made jams and jellies to "level the playing field".
* However, many businesses are hesitant about the potential consequences of Trump's tariff strategy, which risks retaliation and a wider trade war.
* Analysts warn that Trump's use of tariffs is unpredictable and may not achieve its intended goals, with some arguing it's more about revenge than negotiation.
* The White House is expected to unveil new tariffs on 2 April, but the scope and impact are still unclear.
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