European Union Trade Commissioner, MaroÅ¡ Å efÄoviÄ, has described Monday as a ‘black day for markets' with biggest ‘paradigm shift' since World War II.
Å efÄoviÄ said he sees Monday’s market reactions as “a kind of black day for the markets ... all over the world.”;
According to the Commissioner, ministers, at the meeting of European leaders, described today “as the most important paradigm shift in global trading patterns since the second world war.”;
This is all in reaction to the recent ‘reciprocal tariffs' imposed on countries across the globe, including US allies, by President Donald Trump.
Å efÄoviÄ said it “This introduces a lot of uncertainty, lack of predictability, inflation fears and the fact that tariffs are, in the end, the taxes which will be paid by the businesses, but especially by the final consumers.”;
He added that the tariffs prompted fears among consumers about spending, inflation, jobs, and future prospects.
“So these are the I would say the debates which are now taking place, I would say all across the world ... and I’m not even going to tell you [about] the distressed phone calls we are getting from emerging economies and from the developing countries,”; he says.
He repeated that the EU will be “careful”; and respond in a “measured and well calibrated way.
“We know what kind of impact this might have on the real economy and on the people, and therefore you see that we are really progressing step by step in this regard.
“But I wouldn’t dare to speculate if it would have an impact on decision making across the Atlantic.”;
