European Commission President Ursula von der Leyen has condemned the recent trade tariffs imposed by US President Donald Trump, calling them a significant setback for the global economy. The European Union (EU) has signaled its readiness to implement countermeasures should negotiations with Washington fail.
Speaking in Samarkand, Uzbekistan, ahead of an EU-Central Asia partnership summit, von der Leyen reaffirmed the bloc’s commitment to protecting its economic interests.
EU’s Response to US Tariffs
“We are in the final stages of preparing an initial package of countermeasures against tariffs on steel,” she stated. “Additionally, we are formulating further responses to safeguard our businesses should discussions with the US administration collapse.”
While she did not provide specifics on the next phase of EU actions, sources indicate that the EU is preparing retaliatory tariffs worth up to €26 billion ($28.4 billion) on US goods. These measures are set to counterbalance the US tariffs on steel and aluminum, which took effect on March 12.
Escalation of Global Trade Tensions
On Wednesday, Trump announced a 10% universal tariff on most imports to the US, with an elevated 20% rate specifically targeting EU products. This aggressive trade policy has intensified global trade tensions, raising fears of inflation and economic stagnation both in the US and worldwide.
Von der Leyen expressed deep concern over the economic repercussions, particularly for vulnerable economies subjected to the highest tariff rates. She warned that heightened protectionism could lead to economic instability, exacerbating global trade challenges.
“Uncertainty will increase, triggering a wave of protectionist policies worldwide. Worse still, there appears to be no coherent strategy in this unfolding disorder, as all US trading partners bear the brunt of these abrupt policy shifts,” she emphasized.
A Call for Trade Reform
Despite the tensions, von der Leyen acknowledged the need for trade reforms, agreeing with Trump’s assertion that certain countries have exploited global trade regulations. She stated that the EU remains open to discussions aimed at revising trade frameworks to ensure fairness for all parties involved.
For a deeper analysis of the impact of these trade policies, read this detailed report by the World Trade Organization. Additionally, explore our insights on how trade wars affect global economies.
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