Brussels: European Commission President Ursula von der Leyen expressed strong disapproval on Thursday regarding US President Donald Trump’s recent decision to impose reciprocal tariffs on nations globally, labeling it a “major blow” to the global economy and cautioning of severe impacts.
According to Anadolu Agency, Von der Leyen’s comments followed Trump’s signing of an executive order on Wednesday, fulfilling his long-standing promise to implement widespread tariffs. This move has already triggered significant market volatility. Von der Leyen addressed the potential repercussions of these tariffs, stating that the global economy is poised to face substantial challenges, with increasing uncertainty likely to foster further protectionism.
Von der Leyen elaborated on the anticipated economic disruptions, highlighting that inflation could rise, adversely affecting vulnerable populations. She also noted that businesses might encounter heightened uncertainty, supply chain disruptions, and increased costs when dealing with the US market. The absence of a structured approach to the newly imposed tariffs further complicates the situation, she added.
While acknowledging the need for reform in the global trading system, Von der Leyen critiqued the use of tariffs as the primary strategy for addressing trade imbalances. She emphasized the European Union’s willingness to negotiate with the US to eliminate barriers to Transatlantic trade. However, she warned that should negotiations fail, the EU is prepared to implement countermeasures, particularly in response to tariffs on steel.
The EU is keen on reducing trade barriers and has been in ongoing discussions, led by EU Trade Commissioner Maros Sefcovic, with US counterparts to find mutually beneficial solutions. Von der Leyen reiterated the EU’s commitment to protecting its interests and values, advocating for dialogue and negotiation as a means to address these concerns.