3 April 2025, 06:13
European Commission President Ursula von der Leyen
European Commission President Ursula von der Leyen. Picture: Getty
By Emma Soteriou
The EU has threatened further countermeasures against US tariffs after they caused a "major blow to the world economy".
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Donald Trump announced a 10 per cent minimum tariff on most goods imported to the US on Wednesday - with a higher 20 per cent rate for the European Union.
European Commission President Ursula von der Leyen described the tariffs as a major blow to the world economy.
She said the EU was prepared to respond with countermeasures if talks with Washington failed.
"We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out in Uzbek city Samarkand 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."
Read more:UK 'won't hesitate to act' on Trump's tariffs, Cabinet minister says - with Starmer to meet businesses on Thursday
Read more:UK spared worst of Trump's tariffs with 10% import tax - but businesses say change will be 'devastating'
President Trump Holds "Make America Wealthy Again Event" In White House Rose Garden
President Trump Holds "Make America Wealthy Again Event" In White House Rose Garden. Picture: Getty
She did not give any further details of what the measures may be.
The EU is already imposing counter tariffs on up to 26 billion euros ($28.4 billion) of US goods this month in response to US steel and aluminium tariffs that took effect on March 12.
Ms Von der Leyen said she deeply regretted the US move and warned of "immense consequences" for the global economy, including vulnerable countries facing some of the highest tariffs.
"Uncertainty will spiral and trigger the rise of further protectionism," she said, pointing to higher consumer costs for groceries, medication and transport while also causing disruption for businesses.
"What is more, there seems to be no order in the disorder, no clear path to the complexity and chaos that is being created as all US trading partners are hit," she continued.
She said she agreed with Trump that others had taken unfair advantage of global trade rules and was ready to support efforts to reform them.