EU warns of countermeasures if Trump's tariff talks collapse
Photo: European Commission President Ursula von der Leyen (Getty Images)
The tariffs imposed by US President Donald Trump are a major blow to the world economy. The European Union is ready to take countermeasures if negotiations with Washington fail, European Commission President Ursula von der Leyen reports.
"We are already finalizing the first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail," Ursula von der Leyen said.
The European Commission President did not provide any details about the EU's future measures. The EU plans to introduce reciprocal tariffs on American goods worth up to 26 billion euros this month in response to US tariffs on steel and aluminum, which took effect on March 12.
Earlier, Trump announced the introduction of a minimum tariff of 10% on most goods imported into the US and a higher rate of 20% for the European Union, triggering a global trade war that threatens to drive up inflation and slow economic growth in both the US and worldwide.
Immense consequences
Ursula Von der Leyen stated that she deeply regrets the US decision and warned of "immense consequences" for the world economy, including for vulnerable countries facing some of the highest US tariffs.
"Uncertainty will spiral and trigger further growth in protectionism," the European Commission President said, pointing to rising consumer costs for food, medicine, and transportation, as well as disruptions in business operations.
"What is more, there seems to be no order in the disorder, no clear path to the complexity and chaos that is being created as all US trading partners are hit," Ursula Von der Leyen continued.
The European Commission President also said she agrees with Trump that others have unfairly taken advantage of global trade rules and is ready to support efforts to reform them.
"It's not too late to address concerns through negotiations," Ursula Von der Leyen said.
US President Donald Trump recently announced that he would impose a base tariff of 10% on all imports and presented a chart showing higher tariffs for some of the country’s largest trading partners, including 34% for China and 20% for the European Union. Trump also confirmed a 25% tariff on cars and auto parts.
