The European Union says it stands ready to impose “firm counter-measures” should President Donald Trump move forward with his sweeping tariffs against he continent this week.
EU President Ursula von der Leyen issued the warning on Tuesday, speaking before the European Parliament. She argued the tariff bout will lead to a trade war, inflation and other economic hardships for both Europeans and Americans.
“We have everything we need to protect our people and our prosperity,” Leyen said. “We have the strength to negotiate, we have the power to push back.”
“Tariffs are taxes that will be paid by the people. Tariffs are taxes for the Americans on their groceries and their medication. Tariffs will just fuel inflation, exactly the opposite of what we wanted to achieve,” she added.
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Trump has said he will unveil a suite of tariffs on Wednesday, which he has dubbed “Liberation Day.” Leyen emphasized that the EU is open to negotiations with the Trump administration, but said they are ready for anything.
“We are open to negotiations. We will approach these negotiations from a position of strength. Europe holds a lot of cards,” she said.
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“This strength is also built on our readiness to take firm counter-measures if necessary. All instruments are on the table,” she added.
Trump’s promised tariffs will come on top of a 25% tariff on steel and aluminum imports, 25% tariffs on goods imported from Canada and Mexico, and a 20% tariff on goods from China.
“Liberation Day, I call it Liberation Day in America,” Trump said at the White House last week, previewing April 2. “You’ll be seeing tariffs. And I think I’ve been very fair. I have them set. But I think I’ve been very fair to countries that have really abused us economically for many, many decades.”
So far, Trump hasn’t detailed Wednesday’s tariffs. He did announce a 25% tariff on auto imports earlier this week. It is set to take effect late Wednesday.
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