‘‘There are no winners in trade wars and tariff wars,‘’ China’s Foreign Ministry spokesperson Guo Jiakun said. ‘’It’s clear to everyone that more and more countries are opposing the unilateral bullying actions of the U.S."
French President Emmanuel Macron met with representatives from key commercial sectors affected by the tariffs, like wines and spirits, cosmetics and aircraft, after urging businesses to suspend all investments in the U.S. ‘’What would be the message of having major European players investing billions of euros in the American economy at a time when they’re hitting us?‘’ Macron asked.
European Commission President Ursula von der Leyen denounced Trump’s levies as a ‘’major blow to the world economy’’ but held off announcing new countermeasures. She said the commission — which handles trade issues for the 27 EU member countries — was ‘’always ready’’ to talk.
Analysts say there’s little to be gained from an all-out trade war, since higher tariffs can restrain growth and raise inflation.
‘‘Europe will have to respond, but the paradox is that the EU would be better off doing nothing,‘’ said Matteo Villa, a senior analyst at Italy’s Institute for International Political Studies.
‘‘Trump seems to understand only the language of force, and this indicates the need for a strong and immediate response,‘’ Villa said. ‘’The hope, in Brussels, is that the response will be strong enough to induce Trump to negotiate and, soon, to backtrack.‘’