Today's Edition
BRUSSELS (REUTERS)
European Commission President Ursula von der Leyen described US Donald Trump's universal tariffs as a 'major blow' to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed.
"We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out in Uzbek city Samarkand on Thursday.
"And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."
The EU plans to impose counter-tariffs on up to 26 billion euros ($28.4 billion) of US goods this month in response to US steel and aluminium tariffs that took effect on March 12.
Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States - with a higher 20% rate for the European Union.
Von der Leyen said she deeply regretted the US move and warned of "immense consequences" for the global economy, including vulnerable countries facing some of the highest US tariffs.
"Uncertainty will spiral and trigger the rise of further protectionism," she said, pointing to higher consumer costs for groceries, medication, and transport and disruption for businesses.
Von der Leyen said she agreed with Trump that others had taken unfair advantage of global trade rules and was ready to support efforts to reform them.
"It is not too late to address concerns through negotiations," she said.
