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"Major blow to the world economy"/ Europe prepares countermeasures to Trump's tariffs

2025-04-03 08:14:00, Kosova & Bota CNA

"Major blow to the world economy"/ Europe prepares countermeasures to

The European Union is preparing countermeasures after US President Donald Trump's announcement of 20% tariffs on imports from the bloc, which he called a "major blow to the global economy".

The EU is a major trading partner of the US. Last year, it was the largest single market for US goods exports, ahead of America's neighbours Canada and Mexico, according to figures from the US Census Bureau.

"President Trump's announcement of universal tariffs across the world, including the European Union, is a major blow to the global economy. I deeply regret this choice," Ursula von der Leyen, the head of the European Union's executive arm, said on Thursday, adding that the tariffs would be felt "immediately."

Trump on Wednesday launched a historic global trade war, announcing sweeping global tariffs on dozens of nations, from Nicaragua to Cambodia. The tariffs come on top of previously imposed taxes on steel, aluminum and car imports.

"Let's be clear about the huge consequences. The global economy will suffer massively. Uncertainty will spiral and cause further protectionism to rise," von der Leyen said from Samarkand, Uzbekistan.

While the European Union would prefer to work with the U.S. to reduce trade barriers, "Europe is ready to respond," she said.

"We are already finalizing the first package of countermeasures in response to the steel tariffs and are now preparing for further countermeasures to protect our interests and businesses if negotiations fail."/ CNA





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