European Commission President Ursula von der Leyen has called US President Donald Trump’s universal duties a serious blow to the global economy and said the European Union is ready to respond with countermeasures if talks with Washington fail.
“We are already finalising the first package of countermeasures in response to the steel tariffs. And we are now preparing for further countermeasures to protect our interests and businesses if negotiations fail,” she said in a statement.
Ursula von der Leyen said it was not too late to solve the problems through negotiations, which is why European Trade Commissioner Maroš Šefčovič is constantly co-operating with his US counterparts.
US President Donald Trump announced on 2 April that he would impose duties on goods from around the world that would be imported into the United States.
The basic customs rate on imports of all foreign goods into the US will be 10 per cent. But for European Union countries, it will be 20%.
The International Monetary Fund said earlier that US President Donald Trump’s push for sweeping tariffs creates more uncertainty and undermines confidence, but is unlikely to trigger a recession in the near term.