-President Donald Trump said on Wednesday he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country’s biggest trading partners, a move that could escalate a trade war and upend the global economy.
Trading partners are expected to respond with countermeasures that could lead to dramatically higher prices for everything from bicycles to wine.
Trump has already imposed 25% levies on autos and car parts.
Here are some of the reactions from company executives, trade and labour associations:
COMPANIES
DANISH SHIPPING GIANT MAERSK
“We generally expect customers to be a bit more cautious about their inventory levels. In the very short term, we’re likely to see some rush air freight orders in the U.S. ahead of the announced tariffs going into effect. It is also likely we will see an increase in demand for bonded storage as customers will want to hold off clearing goods while they get more certainty.”
GERMAN PACKAGING AND MEDICAL EQUIPMENT MAKE GERRESHEIMER
“The tariffs primarily affect our exports from our plant in Mexico to the U.S. These include injection vials, for example … We will pass these customs duties on to our clients as additional costs. If necessary and if the customs duties are to remain in place in the longer term, we will also be able to relocate capacities.”
“With our production network in the U.S., there are also business opportunities for us from pharmaceutical companies that increasingly want to produce and source locally in the U.S.”
MASSIMO BATTAINI, CEO, CABLE MAKER PRYSMIAN
