(Reuters) – 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.
Trading partners are expected to respond with countermeasures that could lead to dramatically higher prices for everything from bicycles to wine.
Trump has already imposed 25% levies on autos and car parts.
Here are some of the reactions from company executives, trade and labor associations:
COMPANIES
KATSUYA NAKANISHI, CEO, MITSUBISHI CORP
The Japanese trading house’s CEO said it will respond flexibly and nimbly to the impact of tariffs, and seek opportunities in the changes they bring as well as evaluate their risks.
NOBUHIRO TORII, PRESIDENT, SUNTORY
“We will produce and try to sell locally … That’s the key strategy with the tariffs.”
ASSOCIATIONS AND WORKERS
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.”
GIOVANNA CEOLINI, HEAD OF CONFINDUSTRIA ACCESSORI MODA REPRESENTING ITALIAN FOOTWEAR, LEATHER, FUR AND TANNERY INDUSTRIES
“We are afraid that for our companies there will be a slowdown (in demand), it will depend on whether Americans are willing to pay a little more (for our goods).”
WOLFGANG NIEDERMARK, EXECUTIVE BOARD MEMBER, GERMANY’S MAIN INDUSTRY ASSOCIATION BDI
“The justification for this protectionist escalation is incomprehensible. It threatens our export-oriented companies and endangers prosperity, stability, jobs, innovation and investment worldwide.”
“The EU must now strengthen its alliances with other major trading partners and should coordinate its response with them. A coordinated response is also needed to counter changed flows in international trade.”
SCOTT WHITAKER, CEO, ADVAMED
“Broad-based tariffs of this nature would act much as an excise tax. R&D spending would likely be the first and most direct casualty, threatening America’s medtech innovation leadership. Tariffs will cost U.S. jobs, increase costs to the health care system and harm future medical progress.”
CHRIS VITALE, UAW VETERAN WHO RETIRED FROM STELLANTIS, ATTENDED TRUMP’S TARIFF ANNOUNCEMENT IN PERSON
“These are things that we’ve been preaching for years, while we watched all of our factories get hollowed out, while we watched all of our capabilities get hollowed out, and to actually see a president address that and use some of the same words and thoughts that I’ve used was just incredible.”
LIZ SHULER, PRESIDENT, AMERICAN FEDERATION OF LABOR AND CONGRESS OF INDUSTRIAL ORGANIZATIONS
“The Trump administration’s attacks on trade union workers’ rights at home, gutting of the government agency that works to discourage the outsourcing of American jobs and efforts to erode critical investments in U.S. manufacturing take us backward.”
RICHARD CAPPETTO, SENIOR DIRECTOR OF NORTH AMERICAN GOVERNMENT AFFAIRS, IPC
“A strong U.S. electronics industry requires a comprehensive approach — one that pairs targeted investments and incentives with policies that enhance mutually beneficial trade partnerships. 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.”
ZOLTAN VAN HEYNINGEN, EXECUTIVE DIRECTOR OF THE U.S. LUMBER COALITION
“We welcome the measures taken by President Trump and his administration’s focus on Canada’s unfair trade practices. We especially welcome the president’s initiation of the Section 232 investigation under the Trade Expansion Act of 1962 focusing on softwood lumber imports.”
MARK COMPTON, EXECUTIVE DIRECTOR OF THE AMERICAN EXPLORATION & MINING ASSOCIATION
“We are encouraged by the Trump administration prioritizing domestic mineral production and processing so we have the raw materials a revived manufacturing base and our society requires. We look forward to working with the administration to ensure the domestic mining industry is able to meet that challenge.”
(Reporting by Juby Babu in Mexico City, Vallari Srivastava, Neil Kanatt, Shivansh Tiwary, Mrinalika Roy, Unnamalai L, Jaspreet Singh and Dhanush Babu in Bengaluru, Abhirup Roy in San Francisco, Nick Brown and Caroline Humer in New York, Greta Rosen Fondahn, Linda Pasquini and Alessandro Parodi in Gdansk; Editing by Sayantani Ghosh, Shounak Dasgupta, Alan Barona and Milla Nissi)
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