Business

EU to prepare countermeasures to US reciprocal tariffs

European Commission President Ursula von der Leyen described US President Donald Trump's universal tariffs as a major blow to the world economy and said that the European Union was prepared to respond with countermeasures if negotiations failed."We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out in Samarkand, in Uzbekistan, on Thursday ahead of an EU-Central Asia partnership summit."And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."Trump earlier unveiled a 10 percent minimum tariff on most goods imported to the United States – with a higher 20 percent rate for the European Union – kicking into high gear a global trade war that threatens to drive up inflation and stall US and global economic growth. (Reuters)

European Commission President Ursula von der Leyen described US President Donald Trump's universal tariffs as a major blow to the world economy and said that the European Union was prepared to respond with countermeasures if negotiations failed. "We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out in Samarkand, in Uzbekistan, on Thursday ahead of an EU-Central Asia partnership summit. "And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.

" Trump earlier unveiled a 10 percent minimum tariff on most goods imported to the United States – with a higher 20 percent rate for the European Union – kicking into high gear a global trade war that threatens to drive up inflation and stall US and global economic growth. (Reuters).