US President Donald Trump unveiled stinging tariffs Wednesday on major trade partners including China and the European Union on what he called “Liberation Day”.
The 27-member bloc’s chief Ursula von der Leyen called the levies a “major blow to the world economy” and said Brussels was “preparing for further countermeasures”.
“There seems to be no order in the disorder. No clear path through the complexity and chaos that is being created as all US trading partners are hit.”
Meanwhile Britain said it hoped an economic deal it is trying to strike with the United States would eventually “mitigate” the impact of the 10 percent tariff Trump is imposing on the UK.
The French government said just before Trump unveiled his list of tariffs that there would be a sector-by-sector study before the EU announces its response “before the end of April”.
Italian Prime Minister Giorgia Meloni on Wednesday called the new tariffs “wrong” and said the bloc would do all it can “to work for a deal with the United States, aiming to prevent a trade war that would inevitably weaken the West in favour of other global actors”.
After Switzerland was hit with 31 percent tariffs, President Karin Keller-Sutter said the government would quickly decide on the next steps, adding respect for international law and free trade were “fundamental”.
There are also concerns in Europe that Trump's higher customs duties will lead to a flood of cheap goods from other countries, especially China.
- 'Do not retaliate' -
European industry groups also took aim at Trump's move, calling it counterproductive for nations and customers alike.
The Association of the German Chemical Industry called on the EU to “keep a cool head,“ warning that “a spiral of escalation would only increase the damage”.
The bloc's producers were also affected by a 25 percent US tariff on steel and aluminium from around the world -- to which Brussels has already promised countermeasures to begin in mid-April.
Speaking to Fox News, he advised the impacted countries and territories to “sit back, take it in... Because if you retaliate, there will be escalation”.
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