(Reuters) -U.S. 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.
Here are latest reactions from company executives, trade and labour associations:
COMPANIES
On Holding
“We’ve taken note of the announced tariffs and are constantly monitoring the evolving situation and continuing policy changes. Our global value and supply chain are well-positioned.”
GERMANY’S FRESENIUS
“We … strongly support pharmaceuticals not being included in the reciprocal tariff proposal, as a blanket tariff would potentially risk shortages of essential medicines for American patients.”
STEEL GROUP APERAM
“Regarding the limited volumes we export from the EU to the U.S., we will explore on a case by case basis the feasibility of relocating some of our production.”
“Unfortunately, the current lack of regulatory predictability creates an unfavorable business environment on both sides of the Atlantic.”
STELLANTIS
The carmaker said it would temporarily pause production at some of its Canadian and Mexican assembly plants, such as its Windsor assembly plant in Canada.
ANTONIO BARAVALLE, CEO, LAVAZZA
“We had already planned to increase (local production in the U.S.) to 100%.”
“We are ready to go … but now there is this other element that is to be investigated, the duties for Brasil … If they put a 10% duty on Brazil, the duty (of 20%) is somehow already halved.”
The coffee maker currently produces around 50% of what it sells in the U.S. locally.
FERRARI
“Purchase contracts for Ferraris have clear and standard clauses allowing the company to adjust prices in case trade conditions change before the vehicle’s delivery.”
New tariffs will also apply to Ferrari cars ordered months ago but not yet delivered to the U.S., a company spokesperson said.
MOTOFUMI SHITARA, CEO, YAMAHA MOTOR
“Our exports would certainly be impacted. If these tariffs continue long-term, including for vehicles, we will need to respond by raising prices or reducing costs.”
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.”
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.”
MASSIMO BATTAINI, CEO, PRYSMIAN
“On first reaction, the announcement appears to have a positive impact on local production. The tariffs will be applied to finished products, and therefore removes the risk that U.S. production could have been undercut from abroad.”
ANDERS VINDEGG, HEAD OF MEDIA RELATIONS, HYDRO
“We are working actively both from Norway and in the EU in Brussels to inform and to work actively with the organisations and other measures that we’re a part of to leverage the importance of Norwegian aluminium to Europe.”
ASSOCIATIONS
IPC, A GLOBAL ASSOCIATION FOR ELECTRONICS MANUFACTURING
“We welcome President Trump’s commitment to strengthening American manufacturing, particularly his focus on revitalizing the defense industrial base. Tariffs will not achieve this goal…Trade is essential to supply-chain resilience, innovation, and cost competitiveness. Without it, tariffs risk raising costs for American businesses and further driving production offshore.”
RETAIL INDUSTRY LEADERS ASSOCIATION
“The President’s plan is not a targeted attempt to protect American innovation or national security but will hit every family’s budget.”
“These newly announced tariffs — and the expected retaliatory tariffs on American businesses — risk destabilizing the U.S. economy, undermining the goals of bolstering domestic manufacturing and growth.”
EUROPEAN RETAIL INDUSTRY BODY EUROCOMMERCE
“EuroCommerce calls on EU and U.S. administrations to engage in constructive dialogue. If negotiations fail, the EU has a legal basis to respond to unfair trading practices by third countries. With the anti-coercion instrument, the EU has an extensive toolbox which could help address the situation.”
INTERNATIONAL APPAREL FEDERATION
“The U.S. government’s announcement of heavy taxes on its trade with the rest of the world is a major shock to our global apparel industry. It unnecessarily creates a new and often irrational reality affecting billions of dollars of investments and the lives of tens of millions of people working in our industry globally. Ultimately, someone will have to pay the price.”
CANADIAN STEEL ASSOCIATION
“To reduce our dependency, the Canadian steel industry urgently requires the adoption of strict border measures that address unfair steel trade in Canada and helps to recapture the Canadian market for our industry, our workers and our communities.”
SPANISH ASSOCIATION OF OLIVE OIL EXPORTERS
“The Spanish olive oil sector is seriously disadvantaged by this 20%, compared to 10% for other producing countries not belonging to the European Union.”
“98% of olive oil consumed in the United States comes from imports, so these tariffs will result in a higher purchase price that will have to be borne by U.S. consumers.”
KEVIN CRAVEN, CEO, ADS GROUP, ON AEROSPACE COMPONENTS
“We are absolutely not clear whether that exemption (from all tariffs on items that are classified as air worthy by regulators) continues and whether these tariffs apply or not. So potentially that might make it more painful.”
EU FARMING GROUP COPA-COGECA
“The introduction of additional tariffs threatens to disrupt global supply chains, drive up prices, and limit market access for farmers and agri-cooperatives on both sides of the Atlantic, with significant economic consequences for the agricultural sector.”
ANTHONY BRUN, HEAD OF FRENCH COGNAC GROWERS ASSOCIATION UGVC
“One could have feared much higher tariffs, but this risk is not off the table and remains with a potential conflict over bourbon whiskey. We already face tariffs in China, now there are the U.S., and the consequences will be very brutal to wine growers.”
SIGRID DE VRIES, DIRECTOR GENERAL, EUROPEAN AUTOMOBILE MANUFACTURERS’ ASSOCIATION
“We urge our leaders to meet urgently so that they can find a solution to any issues preventing free and fair trade between historic allies and allow the EU-US relationship to flourish once again.”
SWISS BUSINESS GROUP ECONOMIESUISSE
“A further escalation of the trade conflict must be prevented. The Federal Council and Swiss economic diplomacy are called upon to quickly find solutions at the negotiating table with the U.S. government. From an economic perspective, there are no comprehensible reasons for U.S. tariffs against Switzerland – quite the opposite.”
DIRK JANDURA, HEAD OF GERMANY’S EXPORTERS’ ASSOCIATION BGA
“We will have to pass these tariffs on as price increases, and that will hit turnover in many cases … This is an economic blind alley at whose end lie welfare losses for both sides of the Atlantic.”
(Reporting by Reuters bureax, compiled by Mrinalika Roy, Greta Rosen Fondahn, Linda Pasquini and Alessandro Parodi; Editing by Alan Barona, Milla Nissi and Bernadette Baum)
