Ursula von der Leyen, President of the European Commission, responds to President Trump's tariffs.
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00:00I agree with President Trump that others are taking unfair advantage of the current rules
00:07and I'm ready to support any efforts to make the global trading system fit for the realities of the global economy.
00:17But I also want to be clear. Reaching for tariffs as your first and last tool will not fix it.
00:28This is why from the outset we have always been ready to negotiate with the United States
00:36to remove the remaining barriers to transatlantic trade.
00:42At the same time, we are prepared to respond.
00:46We are already finalizing the first package of countermeasures in response to tariffs on steel
00:54and we are now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.
01:05President Trump's announcement of universal tariffs on the whole world, including the European Union,
01:12is a major blow to the world economy. I deeply regret this choice.
01:19Let's be clear-eyed about the immense consequences.
01:23The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism.
01:32The consequences will be dire for millions of people around the globe,
01:38also for the most vulnerable countries, which are now subject to some of the highest US tariffs,
01:46the opposite of what we wanted to achieve.