"It Is Not Too Late to Resolve Concerns Through Negotiations"
Ursula von der Leyen, President of the European Union (EU) Commission, stated on the 3rd (local time) that the reciprocal tariffs imposed by the Donald Trump administration would cause significant damage to the global economy and warned that retaliatory measures would be taken if negotiations fail.
On the same day, President von der Leyen issued a statement expressing "deep regret" over the US announcement of reciprocal tariffs, saying, "We must face the enormous consequences this measure will bring. The global economy will suffer tremendous pain."
On the 2nd, President Donald Trump announced a 10% tariff on all imports and additional reciprocal tariffs on countries designated as 'worst offenders.' The EU was subjected to a 20% reciprocal tariff.
President von der Leyen said, "We are already finalizing the first package of retaliatory measures in response to the steel tariffs," adding, "If negotiations fail, we are preparing additional measures to protect our interests and businesses."
President von der Leyen did not specify the concrete measures the EU would take in the future. In response to the US steel and aluminum tariffs that took effect on the 12th of last month, the EU plans to impose retaliatory tariffs on US goods worth up to 2 billion euros starting around the 13th. The Commission has also announced that it is preparing a second set of measures to respond to reciprocal tariffs and automobile tariffs.
President von der Leyen stated, "We will closely monitor the indirect effects these tariffs may cause," and added, "We cannot absorb global excess production capacity, nor will we tolerate dumping in our markets."
She also expressed concern that "uncertainty is rapidly increasing and protectionism is spreading," warning that costs for consumers in sectors such as food, pharmaceuticals, and transportation will rise. In particular, she said, "The costs of trading with the United States will increase tremendously."
Urging negotiations, President von der Leyen said, "I agree with President Trump that there are other countries gaining unfair advantages by exploiting current (trade) rules. We are ready to participate willingly in efforts to reform the trade system to fit the realities of the global economy." She continued, "However, making tariffs the sole means will not solve the problem," emphasizing, "It is not too late to resolve concerns through negotiations."
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