European Commission President, Ursula von der Leyen has described US President Donald Trump's universal tariffs as a major blow to the world economy.
This was as she said the European Union was prepared to respond with countermeasures if talks with Washington failed.
She said in a statement in Uzbek city Samarkand on Thursday, ahead of an EU-Central Asia partnership summit.
“We are already finalising the first package of countermeasures in response to tariffs on steel.
“And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail,” she said.
She, however, did not provide any details of future EU measures.
The EU plans to impose 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.
Recall that on Wednesday, Trump unveiled a 10% minimum tariff on most goods imported to the United States, with a higher 20% rate for the European Union, kicking into high gear a global trade war that threatens to drive up inflation and stall US and worldwide economic growth.
Von der Leyen expressed her regret on the US move, warning of immense consequences for the global economy, including vulnerable countries facing some of the highest US tariffs.
“Uncertainty will spiral and trigger the rise of further protectionism. 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 U.S. trading partners are hit,” she added.
Von der Leyen said she agreed with Trump that others had taken unfair advantage of global trade rules and was ready to support efforts to reform them.
