By Lex Harvey, CNN
(CNN) — The European Union is preparing countermeasures to US President Donald Trump’s announcement of 20% tariffs on imports from the bloc, which it called a “major blow to the world economy.”
The EU is a major US trading partner. Last year, it was the largest single market for US goods exports, ahead of America’s neighbors Canada and Mexico, based on figures from the United States Census Bureau.
“President Trump’s announcement of universal tariffs on the whole world including the European Union is a major blow to the world economy. I deeply regret this choice,” Ursula von der Leyen, head of the European Union’s executive arm, said on Thursday, adding the tariffs will be felt “immediately.”
Trump on Wednesday launched a historic global trade war, announcing sweeping global tariffs on dozens of nations, from Nicaragua to Cambodia. The tariffs come on top of previously imposed taxes on imports of steel, aluminum and cars.
“Let’s be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism,” she said from Samarkand, Uzbekistan.
While the European Union would prefer to work with the US to reduce trade barriers, “Europe is ready to respond,” von der Leyen said.
“We are already finalizing the first package of countermeasures in response to tariffs on steel, and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail,” she added.
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