Trump says EU tariffs will 'definitely happen' following tariffs on Canada, Mexico, China

Thank you for joining us. I'm Yoon Jung-min.

U.S. President Donald Trump has announced imposition of tariffs on key trading partners Canada, Mexico and China.

Now, the EU will be on his next tariff target.

Shin Ha-young reports on the looming trade war.

After announcing tariffs on Mexico, Canada and China, U.S. President Donald Trump is now setting his sights on the European Union.

"It will definitely happen with the European Union. I can tell you that because they've really taken advantage of us. And, you know, we have over a 300 billion dollars deficit."

He criticized the EU as unfair, claiming that while the U.S. buys millions of European cars, Europe doesn't buy American cars and agricultural products.

This comes after Trump on Saturday announced a 25-percent tariff on goods from Canada and Mexico, while China was hit with an additional 10-percent tariff on various existing duty rates.

"If we have a U.S. bank, they don't allow them to go in. Canada's been very tough for oil on energy. They don't allow our farm products in, essentially. They don't allow a lot of things in."

Trump said he will hold talks with leaders from Canada and Mexico on Monday, a day before the tariffs on the U.S.'s top two trading partners take effect.

The tariffs are expected to be met with retaliatory measures from the affected countries, and are also expected to lead to higher inflation.

Economists also predict that the ensuing trade war would likely slow U.S. growth.

U.S. magazine Forbes forecasts that tariffs could increase the amount middle-class U.S. households pay for goods by 1-thousand-700 U.S. dollars, while the Wall Street Journal slammed Trump's tariff plans calling them "the dumbest trade war in history."

However, Trump says while Americans may feel economic "pain" from his tariffs, it would be "worth the price" in order to secure U.S. interests.

Shin Ha-young, Arirang News.