European Union executive head Ursula von der Leyen has stated the bloc has a strong strategy to strike back against United States President Donald Trumps tariffs, although its preference is a negotiated solution.Speaking before Trumps prepared announcement of reciprocal tariffs later this week, von der Leyen, president of the European Commission, stated Europeans were utterly discouraged at the trade salvoes originating from the US.Let me be clear: Europe did not start this conflict, we believe it is incorrect.
However my message to you today is that we have everything we need to protect our individuals and our prosperity, von der Leyen told a session of the European Parliament on Tuesday.We have the largest single market in the world, we have the strength to negotiate, we have the power to press back, and individuals of Europe need to understand that together we will always promote and defend our interests and our worths, and together we will always stand up for our Europe.Von der Leyen stated while there were issues to resolve in global trade, such as unreasonable aids and rejection of market gain access to, throughout the board tariffs would make the scenario worse.I hear Americans when they say some others have taken advantage of the guidelines.
I concur.
We also suffer from it.
Lets work on it, Von der Leyen said.Tariffs are taxes that will be paid by the people, she added.Tariffs are taxes for the Americans on their groceries and their medication.
Tariffs will just sustain inflation, exactly the reverse of what we want to achieve.Von der Leyen stated the EU was open to settlements with Washington, however the bloc would work out from a position of strength and take firm countermeasures if necessary.All instruments are on the table, she said.Von der Leyens remarks come as nations are bracing for Trumps biggest tariff announcement yet on April 2, which the US president has dubbed freedom day.Trumps trade salvoes have actually rattled stock exchange and stired stress with some of Washingtons closest allies, consisting of Brussels.His 25 percent tariff on automobiles and automobile parts, in particular, has the potential to do severe financial damage to Europe where the car industry is estimated to utilize nearly 14 million individuals once it works on Thursday.EU exporters have considering that last month likewise been paying a 25 percent tariff on steel and aluminium, a procedure that prompted the bloc to reveal 26 billion euros ($28bn) worth of countermeasures on US goods.On Monday, Trump restated his regular talking point that other nations were ripping off the US, but said the mutual tariffs would be extremely nice compared to other countries trade policies.Trump previously in the week clarified that the tariffs would apply to all countries, putting cold water on hopes that the measures might only target certain trade partners.(Source: Al Jazeera)