Trump threatens even larger tariffs on EU, Canada if they work together to cause ‘economic harm’ to the US

President Donald Trump early Thursday threatened even larger tariffs on the European Union and Canada if both economies worked together to do “economic harm to the USA.” 

Writing on his Truth Social platform, the president warned: “If the European Union works with Canada in order to do economic harm to the USA, large scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of these countries has ever had!” 

UAW PRAISES TRUMP’S 25% TARIFF ON AUTO IMPORTS: ‘VICTORY FOR AUTOWORKERS’

The post comes after the president announced on Wednesday he would impose a 25% tariff on all imported autos. 

The European Automobile Manufacturers’ Association (ACEA) issued a statement Thursday saying it was “deeply concerned” by Trump’s announcement of additional tariffs. 

“European automakers have been investing in the US for decades, creating jobs, fostering economic growth in local communities, and generating massive tax revenue for the US government,” ACEA Director General, Sigrid de Vries said in a statement. “We urge President Trump to consider the negative impact of tariffs not only on global auto makers but on US domestic manufacturing as well.” 
 

President Trump views tariffs as a way to bring in tax revenue to finance his plans for tax cuts while spurring a revitalization of domestic manufacturing. 

But the president’s sweeping tariffs have escalated a trade war with U.S. allies, particularly Canada, Mexico and the EU. 

WATCH: HOW INVESTORS CAN TAKE ADVANTAGE OF PRESIDENT TRUMP’S TARIFFS AGENDA

Earlier this month, Canada – the biggest foreign supplier of steel and aluminum to the U.S. – announced $21 billion in additional tariffs against the U.S. in response to Trump’s 25% tariffs on both commodities.

That also sparked retaliation from the EU, which announced retaliatory tariffs that would apply to American exports worth the equivalent of $28 billion. 

CLICK HERE TO GET FOX BUSINESS ON THE GO

FOX Business’ Greg Norman and Alex Nitzberg contributed to this report.