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Fortune

Greg McKenna

Trump tariffs: U.S. blames the VAT for Europe trade deficit

Donald Trump Deficit European Union Europe United States the Census Bureau America the European Union Sales Tax the Tax Foundation

U.S. President Donald Trump delivers remarks after signing an executive order on reciprocal tariffs in the Oval Office at the White House. (Credit: Andrew Harnik—Getty Images)

President Donald Trump wants Europe to buy American stuff again. On Thursday, the president ordered economic officials to develop custom “reciprocal tariffs” for each of America’s trading partners based on supposed barriers to U.S. exports.

He’s made clear that includes value-added taxes, or VATs, which is the way most countries—including the entire rich world apart from the United States—taxes consumption.

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