European Commission: Trump's tariffs will hit millions of people hard, EU gears up to respond
European Commission President Ursula von der Leyen has warned that the new tariffs announced by US President Donald Trump will have serious consequences for the global economy and stated that the European Union is preparing retaliatory measures.
"President Trump's announcement of universal tariffs on the whole world, including the EU, is a major blow to the world economy. I deeply regret this choice. Let's be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe," von der Leyen stated.
She added that "the tariffs will also hurt consumers around the world" and that this "will be felt immediately".
"Millions of citizens will face higher grocery bills. Medication will cost more as well as transportation. Inflation will go up. And this is hurting in particular the most vulnerable citizens. All businesses – big and small – will suffer from day one," the European Commission president said.
She added that she agrees with Trump that other nations have unfairly exploited global trade rules and is willing to support efforts to reform them but stressed that tariffs will not resolve the issue.
"That is why, from the outset, we have always been ready to negotiate with the US, to remove any remaining barriers to Transatlantic trade. At the same time, we are prepared to respond. We are already finalising a first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail," von der Leyen said.
"Europeans we will always promote and defend our interests and values," she stressed.
"And we will always stand up for Europe. But there is an alternative path. It is not too late to address concerns through negotiations," von der Leyen concluded.
On 2 April, US President Donald Trump officially declared the start of a global trade war, announcing tariffs on imports to the US ranging from 10% to 50%, depending on their country of origin.
Trump's announcement affected countries worldwide, with the exception of a few, including Russia. The White House claimed that Russia was left out because US sanctions already "preclude any meaningful trade".
US Treasury Secretary Scott Bessent has warned US trading partners against taking retaliatory measures in response to President Donald Trump's new tariffs.