"A hard blow to the global economy" that will skyrocket uncertainty. "The consequences will be disastrous for millions of people worldwide. Also for the most vulnerable countries, which are now subject to some of the highest U.S. tariffs. It will be noticed immediately. Millions of citizens will face higher food bills. Medicines will cost more, as well as transportation. Inflation will rise, and this mainly harms the most vulnerable citizens. All companies, large and small, will suffer from day one."
The President of the European Commission, Ursula von der Leyen, has defined in this way the disastrous consequences of the tariff measures that Donald Trump announced last night, which include reciprocal measures tailored to each country and which will apply a 20% tariff to the EU or 54% to China. "There seems to be no order in the disorder, nor a clear path through the complexity and chaos that is being created by hitting all our trading partners. In the last 80 years," harshly pointed out the head of the European executive in a speech she delivered early this morning from Samarkand (Uzbekistan).
And she has not hesitated to point out that the decision of the President of the United States "disappoints" European citizens, while also indicating that the EU is finalizing its response to Trump's trade war. Before that, however, she recalled that Brussels' intention remains to find a negotiated solution, something that the U.S. President does not seem to contemplate at all.
Von der Leyen, in fact, has gone as far as to say that she "agrees" with the magnate "that others are unfairly taking advantage of current rules". "And I am willing to support any effort to adapt the world trade system to the realities of the global economy. But I also want to be clear, resorting to tariffs as the first and last tool will not fix it," she added.
Von der Leyen has pointed out that the Commissioner for Trade, Maros Sefcovic, "is in constant contact with his American counterparts". But there is very little to do. The negotiations that have been carried out so far have proven to be fruitless, and Trump made it very clear last night what he wants.
Therefore, the Commission has been working for weeks on its response, which she always maintains will be "Firm, proportional, and calibrated," and in her speech, Von der Leyen has indicated that "the first package of countermeasures in response to the steel tariffs" is being finalized. "We are now preparing other countermeasures to protect our interests and our companies if negotiations fail," she continued. And very importantly: "We will also closely monitor the indirect effects that these tariffs may have because we cannot absorb global overcapacity nor will we accept dumping in our markets."
The German high official also referred to a common argument in Brussels: that one of Europe's "greatest strengths" is its single market of 450 million consumers. "That is our safe harbor in tumultuous times," she argued. Von der Leyen recalled that the EU has already announced "support measures for the steel and automotive sectors" and that last week it limited "the amount of steel that can be imported into Europe duty-free," with the next step being to convene "strategic dialogues with the steel, automotive, and pharmaceutical sectors."
"Europe is united by our companies, by our citizens, and by all Europeans, and we will continue to build bridges with all those who, like us, care about fair trade based on rules as the basis for shared prosperity," emphasized the President to conclude her speech. The EU aims to be the reliable and predictable partner in an increasingly unpredictable world.