European Union chief Ursula von der Leyen, in a swift response to US President Donald Trump's continuous tariff imposition, said that the 27-nation bloc will not remain quiet and tough countermeasures are likely to follow. Following Trump's imposition of tariffs on steel and aluminium, von der Leyen said that the EU will take actions to safeguard its 'economic interests', adding, "We will protect our workers, businesses and consumers."
The EU chief termed tariffs as bad, saying tariffs are bad for business and worse for consumers. She warned the US that the unjustified tariffs on the EU will not go unanswered, adding, "They will trigger firm and proportionate countermeasures."
Earlier, the German Chancellor also echoed von der Leyen's assertion of considering countermeasures, saying, "if the U.S. leaves us no other choice, then the European Union will react united," further underscoring, "ultimately, trade wars always cost both sides prosperity."
Notably, stocks in Asia were mostly down on Tuesday, after US President Donald Trump imposed 25% tariffs on all US imports of steel and aluminium. Trump said over the weekend he would announce 25% tariffs on all steel and aluminium imports, with more import duties to come later in the week.
Fear around tariffs has been at the centre of Wall Street's moves recently, and experts say the market likely has more swings ahead. The price of gold, which often rises when investors are feeling nervous, climbed again Monday to top $2,930 per ounce and set another record.
Trump has pressed ahead with 10% tariffs on Chinese goods, while China has retaliated by imposing tariffs on US coal and liquefied natural gas products as well as crude oil, agricultural machinery and large-engine cars.
(With inputs from AP)