"No Winner in US-Europe Trade War...Both Sides Suffer Losses"

EU Industry Chief: "If US-EU Trade Dispute Occurs"
"EU Faces 0.6% Loss, US Faces 0.3% Loss"

The head of EU industry warned that if a trade war breaks out between the United States and the European Union (EU), both sides will suffer losses. On the 23rd (local time), St?phane S?journ?, EU Executive Vice President for Prosperity and Industrial Strategy, said in an interview with the French media outlet La Tribune Dimanche, "The initial US tariffs could cause a loss of up to 0.6% of the EU's Gross Domestic Product (GDP) and an annual loss of 0.3% for the United States."

He added, "There are no winners in a trade war," emphasizing, "The best scenario for Europe is a peaceful relationship with the United States." Earlier, the Donald Trump administration imposed a 25% tariff on steel and aluminum imports from around the world into the US on the 12th, and announced it would reveal country-specific reciprocal tariff rates on the 2nd of next month.

Vice President S?journ? stated, "The Commission aimed to take the best possible measures and allow time for dialogue," adding, "To minimize the impact on European companies, we decided to readjust the product list and renegotiate with industries and member states." He further said, "Now we are able to make unprecedented decisions to protect European industry and values," indicating that a 'strategic awakening' is underway to protect the European economy through 'European preference.'