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 U.S. for decades, creating jobs, fostering economic growth in local communities, and generating massive tax revenue for the U.S. 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 U.S. domestic manufacturing as well." 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.

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