Consequences of Trump's tariffs will be terrible for millions of people - EC

“President Trump's announcement of universal tariffs for the entire world, including the EU, is a serious blow to the global economy. I deeply regret this choice. Let's be honest about the enormous consequences. The world economy will suffer massively. The consequences will be terrible for millions of people around the world,” she said.

She said the tariffs will hurt consumers around the world and it will be felt immediately, European Truth reported.

“Millions of citizens will face higher grocery bills. Medicines will cost more, as will transportation. Inflation will go up. And it will hit the most vulnerable especially hard. All businesses - big and small - will suffer from day one,” said the president of the European Commission.

She agrees with Trump that other nations have taken unfair advantage of global trade rules and is ready to support efforts to reform them, but emphasized that using tariffs will not solve the problem.

“That is why, from the beginning, we have always been ready to negotiate with the U.S. to remove any barriers remaining to transatlantic trade. At the same time, we are ready to respond. We are already finalizing our first package of countermeasures in response to the steel tariffs. And we are now preparing for further countermeasures to protect our interests and our business if the negotiations fail,” von der Leyen said.

She emphasized that Europeans will always promote and protect their interests and values.

“And we will always stand up for Europe. But there is an alternative path. It is not too late to solve problems through negotiations,” von der Leyen concluded.

Photo: EP.