EU calls Trump tariffs ‘major blow to world economy’ as China vows retaliation
In her first statement on the US president’s new tariffs plan, European Commission President Ursula von der Leyen has warned that the new tariffs will be a "major blow" to the world economy and will lead to rising prices for consumers around the world.
“The tariffs will also hurt consumers around the world. It will be felt immediately. Millions of citizens will face higher grocery bills. Medication will cost more as well as transportation. Inflation will go up,” von der Leyen said in a statement made during the EU-Central Asia summit in Samarkand, Uzbekistan.
The EC president also announced retaliatory measures against Trump's new tariffs, beginning with countermeasures in the steel sector, with other measures being prepared should negotiations with the US fail.
China also responded to the new tariffs by declaring that fresh countermeasures will be taken against the US, although the nature of these countermeasures has yet to be specified.
On Wednesday, Donald Trump announced new tariff rates on almost all countries in the world, with the EU and China being some of the hardest hit, receiving 20% and 54% rates respectively.
Experts warn that these new tariffs could negatively affect stock markets and consumer prices, as well as trade relations between the US and other countries.
In the days after the announcement, stock markets in China, Japan and Europe saw significant losses.
Experts also warn of the effects on the American economy, in particular that the US tariffs on Chinese goods could significantly increase cost of living for American citizens, as the country imports more than that $400 billion dollars in goods from China each year.
Analysts also speculate that the new US trade war could bring China and the EU, as well as other countries closer to each other, with the intention to act against America's economic policies.
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