Art of the Deal: Trump Pledges to Cancel Tariffs if EU Drops Duties on US Goods

MOSCOW (Sputnik) - US President Donald Trump said on Sunday that the new tariffs he imposed on imported steel and aluminium would be cancelled if the European Union, in its turn, lifted the import duties on the US goods.

"The European Union, wonderful countries who treat the U.S. very badly on trade, are complaining about the tariffs on Steel & Aluminum. If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours. Big Deficit. If not, we Tax Cars etc. FAIR!," Trump posted on his Twitter page.

The European Union, wonderful countries who treat the U.S. very badly on trade, are complaining about the tariffs on Steel & Aluminum. If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours. Big Deficit. If not, we Tax Cars etc. FAIR!

— Donald J. Trump (@realDonaldTrump) March 10, 2018

On Thursday, Trump signed an order that imposes 25 percent tariffs on steel imports and 10 percent duties on aluminium exports. The action will go into effect in 15 days.

Trump's decision faced criticism from the European Union, China, Canada and other states. On Friday, International Monetary Fund  Managing Director Christine Lagarde warned that, if implemented, the US tariffs could lead to a trade war that would have grave macroeconomic consequences. EU Trade Commissioner Cecilia Malmstrom stated the European Union would consider new tariffs on multiple US products, including peanut butter, if Trump followed through on his pledge to impose steel and aluminium tariffs.

Also, French Finance Minister Bruno Le Maire said earlier that France would "assess consequences on our industries and agree appropriate response." British international trade secretary Liam Foxalso has criticized the White House for imposing protectionist approach, saying that such measures "never really work."