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Executives, trade and labor associations comment on Trump's reciprocal duties

U.S. president Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could escalate a global trade war and upset the global economy.

The latest responses from business executives, unions and trade associations.

Companies

GERMANY'S FRESENIUS

"We... strongly support the proposal to exclude pharmaceuticals from the reciprocal tariff, as such a tariff could potentially lead to shortages of important medicines for American patients."

STEEL GROUP APERAM

We will examine the feasibility of moving some of our production to other countries if we are able to export limited quantities from the EU into the U.S.

The current lack of predictability in regulatory matters creates a hostile business environment both on the US and European sides.

STELLANTIS

The automaker announced that it would temporarily stop production in some of its Canadian assembly plants and Mexican assembly factories, including its Windsor assembly facility in Canada.

ANTONIO BARAVALLE is the CEO of LAVAZZA

We had planned to increase the local production (in the U.S.A.) by 100%.

"We're ready to go... but there's this other element to investigate, the duties for Brasil... If they impose a 10% duty, then the 20% duty is already half.

The coffee maker produces about 50% of the amount it sells locally in the U.S.

FERRARI

The purchase contracts for Ferraris contain standard and clear clauses that allow the company to adjust the price in the event of a change in the market conditions before the vehicle is delivered.

A Ferrari spokesperson confirmed that new tariffs would also be applied to Ferraris ordered in the past but not delivered to the U.S.

MOTOFUMI SHITARA, CEO, YAMAHA MOTOR

"Our exports will certainly be affected." We will have to raise prices or reduce costs if these tariffs are extended over time, even for vehicles.

MAERSK

"We expect our customers to be more careful about their stock levels." We're likely going to see rush orders for air freight in the U.S. very soon, before the tariffs go into effect. We will also see an increase in the demand for bonded warehouses as customers want to delay clearing their goods until they have more certainty."

GERRESHEIMER

Tariffs are primarily affecting our exports to the U.S. from our Mexico-based plant. Injection vials are one example. We will pass on these customs fees to our customers as an additional cost. We will be able, if necessary and if customs duties remain in place for a longer period of time, to move our capacities.

MASSIMO BATTAINI is the CEO of PRYSMIAN

The announcement seems to have had a positive effect on the local production. The tariffs are applied to the finished products and removes any risk of U.S. producers being undercut by foreign production.

ANDERS VINDEGG HEAD OF MEDIA RELATIONS, HYDRO

"We work actively from Norway as well as in Brussels, the EU to inform and to actively work with the organizations and other measures we're part of in order to leverage the importance Norwegian aluminium for Europe."

ASSOCIATIONS

EUROCOMMERCE, EUROPEAN RETAIL INDUSTRY BODGE

"EuroCommerce urges the EU and U.S. Administrations to engage constructively in dialogue. In the event that negotiations fail, EU can use its legal authority to take action against unfair trade practices by third-country countries. The EU has a wide range of tools to help it address the situation.

International Apparel Federation

The announcement by the U.S. Government of high taxes on trade with the rest is a shock to the global apparel industry. This unnecessarily creates an entirely new, often irrational world that affects billions of dollars in investments and the lives and livelihoods of tens and millions of people who work in our industry worldwide. Someone will pay the price in the end."

CANADIAN STEEL ASSOCATION

To reduce its dependence, the Canadian Steel Industry urgently needs the adoption of border measures to address unfair trade in steel in Canada, and help recapture the Canadian Market for our industry, workers, and communities.

The Spanish Association of Olive Oil Exporters

This 20% is a serious disadvantage for the Spanish olive oil industry, as compared to other countries that produce olive oil but do not belong to the European Union.

"98% (of the olive oil consumed by Americans) is imported, so these tariffs would result in an increased purchase price which will be paid by U.S. consumers." consumers."

KEVIN C RAVEN, CEO of ADS GROUP on AEROSPACE COMPONENTS

We are not sure if the exemption from all tariffs (on items classified as airworthy by regulators) is still in place and if these tariffs are applicable or not. This could make the situation worse.

COPA-COGECA EU FARMING GROUPS

The introduction of additional tariffs could disrupt global supply chains and drive up prices. It would also limit the market access of farmers and agricooperatives from both sides of Atlantic. This will have significant economic implications for the agricultural industry.

ANTHONY BRUN, HEAD OF FRENCH GROWERS ASSOCIATION (UGVC)

"One might have been frightened by much higher tariffs. However, this risk remains and is associated with a possible conflict over bourbon whisky. Already, we face tariffs from China. Now, there is the U.S. and the consequences are going to be brutal for wine growers.

ETHAN LANE SENIOR V.P. OF GOVERNMENT AFFILIATIONS, NATIONAL CATFARMERS BEEF ASSOCIATION

"President Trump has taken action to remove numerous trade barriers which prevent overseas consumers from enjoying high quality, wholesome American Beef. NCBA will engage with the White House in order to optimize export opportunities and ensure fair treatment of America's beef producers worldwide.

SIGRID de VRIES, DIRECTOR GENERAL, EUROPEAN MOBILE MANUFACTURERS ASSOCIATION

"We urge both leaders to meet immediately to find a resolution to any issues that prevent free and fair trading between historical allies, and to allow the EU-US relations to flourish again."

SWISS BUSINESS GROUP ECONOMISSE

"Another escalation in the trade conflict is to be avoided. Swiss economic diplomacy and the Federal Council are urged to find quick solutions with the U.S. Government at the negotiation table. "From an economic perspective, the U.S. tariffs on Switzerland are not comprehensible - rather the opposite."

DIRK JANDURA HEAD OF GERMANY EXPORTERS ASSOCIATION (BGA)

"We'll have to pass on these tariffs as price increases and this will impact turnover in many instances." It is an economic dead end that will result in welfare losses on both sides of Atlantic. (Reporting and compilation by Bureax; edited by Alan Barona and Milla Nissi, and Alessandro Parodi.

(source: Reuters)