U.S. President Donald Trump has vowed to impose tariffs on the European Union and said discussions are under way to impose a 10 percent tariff on imports from China starting Feb. 1.
"We're talking about putting a 10 percent tariff on China because they're shipping fentanyl into Mexico and Canada," Trump told reporters at the White House on Tuesday, Reuters reported.
"We don't talk much about tariffs, other than he knows my position," Trump said Tuesday in response to a question about their conversation.
He said he imposed high tariffs on China in his first term. "I've made hundreds of billions of dollars. Before I was president, China had never paid a dime to the United States."
Trump also said that the trade imbalance between the European Union and other countries and the United States is troubling.
"The EU has treated us very, very badly, so we're going to slap them with tariffs." That's the only way you're going to get justice."
In early December, US stocks staged their most dramatic intraday reversal in months. Driven by the dual positive catalysts of chip giant NVIDIA's better-than-expected earnings report and a "Goldilocks" nonfarm payrolls report, the S&P 500 index surged as much as 1.9% within the first hour of trading.
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