The U.S.-EU trade war just took a dramatic turn! President Donald Trump has slapped a 20% tariff on all European Union imports, triggering outrage across Europe. European Commission President Ursula von der Leyen has blasted the move, calling it a “major blow” to the global economy. With tensions rising, will this escalate into a full-blown trade war? How will the EU respond? Watch the full video for all the latest developments and expert insights!
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#Trump #TradeWar #USTariffs #Europe #UrsulaVonDerLeyen #EUTariffs #USPolitics #GlobalEconomy #BreakingNews #TradeBattle
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NewsTranscript
00:00Good morning.
00:04President Trump's announcement of universal tariffs on the whole world, including the
00:10European Union, is a major blow to the world economy.
00:15I deeply regret this choice.
00:17Let's be clear-eyed about the immense consequences.
00:22The global economy will massively suffer.
00:26Uncertainty will spiral and trigger the rise of further protectionism.
00:32The consequences will be dire for millions of people around the globe, also for the most
00:38vulnerable countries, which are now subject to some of the highest US tariffs, the opposite
00:46of what we wanted to achieve.
00:50The tariffs will also hurt consumers around the world.
00:54It will be felt immediately.
00:57Millions of citizens will face higher grocery bills.
01:00Medication will cost more, as well as transportation.
01:05Inflation will go up.
01:07And this is hurting in particular the most vulnerable citizens.
01:13All businesses, big and small, will suffer from day one.
01:18From great uncertainty to the disruption of supply chains to burdensome bureaucracy,
01:27the costs of doing business with the United States will drastically increase.
01:34And what is more, there seems to be no order in the disorder, no clear path to the complexity
01:42and chaos that is being created as all US trading partners are hit.
01:50In the past 80 years, trade between the European Union and the United States has created millions
01:57of jobs.
01:59Consumers across the Atlantic have benefited from reduced prices.
02:04Traders have benefited from huge opportunities, leading to unprecedented growth and prosperity.
02:13And at the same time, we know that the global trading system has serious deficiencies.
02:20I agree with President Trump that others are taking unfair advantage of the current rules.
02:28And I am ready to support any efforts to make the global trading system fit for the
02:34realities of the global economy.
02:39But I also want to be clear.
02:42Reaching for tariffs as your first and last tool will not fix it.
02:49This is why from the outset, we have always been ready to negotiate with the United States
02:58to remove the remaining barriers to transatlantic trade.
03:02At the same time, we are prepared to respond.
03:07We are already finalising the first package of countermeasures in response to tariffs
03:12on steel.
03:14And we are now preparing for further countermeasures to protect our interests and our businesses
03:21if negotiations fail.
03:26We will also be watching closely what indirect effects these tariffs could have, because
03:31we cannot absorb global overcapacity, nor will we accept dumping on our markets.
03:39As Europeans, we will always promote and defend our interests and our values.
03:45And we will always stand up for Europe.
03:49But there is an alternative path.
03:52It is not too late to address concerns through negotiations.
03:57This is why our Trade Commissioner Maros Sefcovic is permanently engaged with his US counterparts.
04:05We will work towards reducing barriers, not raising them.
04:22I know that many of you feel let down by our oldest ally.
04:27Yes, we must brace for the impact that this will inevitably have.
04:35Europe has everything it needs to make it through the storm.
04:39We are in this together.
04:42If you take on one of us, you take on all of us.
04:46So we will stand together and stand up for each other.
04:51Our unity is our strength.
04:55Europe has the largest single market in the world – 450 million consumers.
05:00That is our safe harbour in tumultuous times.
05:05And Europe will stand at the side of those directly impacted.
05:09We have already announced new measures to support the steel and cars sectors.
05:15Last week, we limited the amount of steel that can be imported to Europe tariff-free.
05:23This will give more breathing space to these strategic industries.
05:29Now we will also convene strategic dialogues with the steel, the automotive and the pharmaceutical sectors.
05:37And others will follow.
05:40Europe stands together – for our businesses, for our citizens, and for all Europeans.
05:48And we will continue to build bridges with all those that, like us, care about fair and
05:55rules-based trade as a basis for shared prosperity.
06:02President Trump's announcement of universal customs tariffs around the world, including
06:11the European Union, is a hard blow to the global economy.
06:16I deeply regret this choice.
06:20Let us be clear about the huge consequences.
06:25The global economy will suffer massively.
06:29Uncertainty will rise and a new protectionism will emerge.
06:38The consequences will be disastrous for millions of people around the world, as well as for
06:46the most vulnerable countries that are now subject to American customs laws,
06:54among the highest.
06:57This is the complete opposite of what we want to achieve.
07:01Customs laws will also harm consumers around the world.
07:08This will be felt immediately.
07:12Millions of citizens will have to face higher costs for food.
07:20Medications will be more expensive, as will transportation.
07:26Inflation will increase.
07:29And it is especially the most vulnerable citizens who will suffer.
07:35Large and small businesses will also suffer on the first day.
07:42Because of the increased uncertainty, the disruption of supply chains and the heaviness
07:50of bureaucracy, the cost of trade relations with the United States will increase considerably.
07:59In addition, there does not seem to be order in disorder.
08:06There is no clear voice in the complexity and chaos that is created when all the commercial
08:14partners of the United States are hit.
08:19Over the past 80 years, trade between Europe and the United States has created millions
08:29of jobs.
08:31Consumers from both sides of the Atlantic have benefited from reduced prices.
08:38Companies have benefited from considerable opportunities, which has led to unprecedented growth.
08:48At the same time, we know that the global trade system presents serious shortcomings.
08:56I agree with President Trump that others are unfairly benefiting from the current rules.
09:05And I am ready to support all efforts to adapt the global trade system to the realities
09:15of the global economy.
09:19But I also want to be clear.
09:22The use of customs rights, such as the Alpha and Omega, will not solve the problem.
09:29This is why, from the outset, we have always been ready to negotiate with the United States
09:38to remove the last obstacles to transatlantic trade.
09:45At the same time, we are ready to react.
09:49We are already finalizing a first package of countermeasures in response to the customs
09:57rights for steel.
09:59And we are now preparing for other countermeasures to protect our interests and our companies
10:06if negotiations fail.
10:11We will also closely monitor the direct adverse effects that these customs rights could have,
10:21because we cannot absorb global overcapacity and we will not accept dumping on our market.
10:31As Europeans, we will always promote and defend our interests and values, and we will
10:39always defend Europe.
10:43But there is another way.
10:46It is not too late to respond to the concerns raised by negotiations.
10:52This is why our Trade Commissioner, Maroshevkovic, is in constant contact with his American counterparts.
11:01We will strive to reduce the obstacles and not to raise them.
11:08Let us move on to the next step.
11:11We must not be disappointed by our oldest ally.
11:26Yes, we must prepare for the impact that this will inevitably have.
11:35Europe has everything it needs to get through this storm.
11:40We are united.
11:43If you take on one of us, you take on all of us.
11:49This is why we will remain united and we will defend each other.
11:57Our unity is our strength.
12:00Europe has the largest single market in the world with 450 million consumers.
12:08It is our haven of peace in these tumultuous times.
12:12And Europe will stand by those who are directly affected.
12:18We have already announced new measures to support the steel and automotive sectors.
12:27Last week, we limited the quantity of steel that can be imported into Europe without customs rights.
12:35These measures will allow these strategic industries to breathe a little.
12:42We will now organise strategic dialogues with the steel, automotive and pharmaceutical sectors.
12:53Others will follow.
12:56Europe is on the side of our companies, our workers and all Europeans.
13:02And we will continue to get closer to all those who, like us, are attached to a fair trade
13:12and based on rules based on shared prosperity.
13:19Thank you for your attention.
13:23Good morning.
13:27President Trump's announcement of universal wages for the whole world, including the European Union,
13:35is a heavy blow to the world economy.
13:39I deeply regret this decision.
13:42We should be aware of the immense consequences.
13:46The world economy will suffer massively.
13:49Uncertainties will increase.
13:52And protectionism will continue to heat up.
13:56The consequences will be difficult for millions of people around the globe.
14:02Also for the most endangered countries, which are now exposed to some of the highest US tariffs.
14:09This is the opposite of what we want to achieve.
14:14The tariffs will also harm the consumers in the world.
14:19This will be felt immediately.
14:22Millions of people will be confronted with higher living expenses.
14:27Medicines will become more expensive, as will transport.
14:31Inflation will increase.
14:40Large and small businesses will suffer from day one.
14:44They will suffer from greater uncertainty,
14:47from the interruption of supply chains,
14:51from the elaborate bureaucracy.
14:54The costs for business with the United States will increase drastically.
15:01And there seems to be no order in this disorder.
15:07There is no clear path through the complexity and chaos that is created
15:13because all trade partners of the United States are affected.
15:19In the past 80 years, trade between Europe and the United States
15:24has created millions of jobs.
15:28Consumers on the other side of the Atlantic have benefited from lower prices.
15:34Companies have benefited from enormous opportunities
15:38that have led to unique prosperity and growth.
15:44At the same time, we know that global trading systems show significant shortcomings.
15:50Here I agree with President Trump
15:53that others are misusing the current rules in an unfair way.
16:00And I am ready to support all efforts to adapt the global trading system
16:04to the realities of the world economy.
16:07But I also want to make something very clear.
16:12The use of customs as the first and last resort will not solve the problem.
16:20That is why we were ready from the beginning to negotiate with the United States
16:25to eliminate all remaining obstacles to transatlantic trade.
16:31But at the same time, we are also ready to react.
16:36We are already working on the completion of a first package of countermeasures
16:41as a response to the customs.
16:45And we are now preparing to take further countermeasures
16:49to protect our interests and our companies if the negotiations fail.
16:56We will also closely monitor what indirect effects these customs could have.
17:02Because we can neither absorb global overcapacities
17:06nor will we tolerate dumping on our markets.
17:11As Europeans, we will always defend our interests and our values
17:17and we will always stand up for Europe.
17:22But there is also an alternative way.
17:25It is not too late to clear up concerns through the negotiations.
17:30That is the reason why our Trade Commissioner Maruszewkowicz
17:34is in constant contact with his US colleagues.
17:38We will work on the reduction of trade barriers.
17:42Not to increase them, but to reduce them.
17:47Let us move from confrontation to negotiation.
17:51That is the right way.
17:54Finally, I would like to turn directly to the people in Europe.
18:00I know how disappointed you are
18:05that one of our oldest allies has left us.
18:21We will get through this together.
18:25If it concerns one of us,
18:28that has always been the principle in Europe,
18:30then we will all stand up for each other.
18:32We will stick together.
18:35We will stand up for each other.
18:39Because we know that unity is our greatest strength in Europe.
18:44Europe has the largest domestic market in the world.
18:46450 million consumers.
18:51That is the safe harbour for our companies in times of crisis.
18:57And Europe will stand on the side of those who are directly affected.
19:02The people, the companies.
19:05We have already announced new measures
19:08to support the steel and automotive sector.
19:12Last week, for example, we limited the amount of steel
19:17that can be imported to Europe without customs.
19:21This will give these strategic industries more air to breathe.
19:27And we will now initiate our strategic dialogue
19:30with the steel sector, the automotive sector and the pharmaceutical sector.
19:36Other strategic dialogues will follow to find solutions together.
19:41Europe stands together.
19:43For the people.
19:44For the companies.
19:46For all Europeans.
19:48Thank you very much.
19:52Don't miss out.
19:54Log on to OneIndia.com for more updates.