Europe prepares for a devastating trade war as the US imposes 20% tariffs on all EU goods, sparking widespread concern across the continent and threatening millions of jobs worldwide.
The European Union is bracing itself for the worst as US President Donald Trump has imposed a 20% tariff on all EU goods, sparking widespread concern across the continent. ‘We’ll act in a calm, carefully phased, unified way, as we calibrate our response, while allowing adequate time for talks,’ said EU Trade Commissioner Maros Sefcovic.
The move is seen as a catastrophic blow to the economic world and could have dire consequences for millions of people around the globe. The EU is ready to negotiate with the US, but it’s also prepared to hit back hard if talks fail. European Commission President Ursula von der Leyen has already laid out initial countermeasures, including a package worth up to €26bn in tariffs on US goods.
Ursula von der Leyen is a German politician who was appointed as the first female President of the European Commission in 2019.
Born on October 15, 1958, in Brussels, Belgium, she studied economics and later earned her doctorate in medicine.
Von der Leyen served as Germany's Minister of Defense from 2013 to 2019 and played a key role in shaping EU policies on defense and security.
She is known for her leadership skills and commitment to European integration.
Each European country is facing severe economic losses due to Trump’s tariffs. ‘It’s just an excuse to punish countries and implement sterile protectionism,’ said Spanish Prime Minister Pedro Sánchez, rejecting Trump’s claim that the EU is imposing 39% tariffs on US goods. Italian Prime Minister Giorgia Meloni has hastily summoned ministers and business leaders to an emergency summit to address the concerns of industry and commerce.
Pedro Sánchez is a Spanish politician who has been serving as the President of the Government of Spain since June 2018.
Born on February 29, 1972, in Madrid, he graduated from Georgetown University and later earned his Ph.D. in economics from the Complutense University of Madrid.
Sánchez joined politics at a young age and served as the General Secretary of the Spanish Socialist Workers' Party (PSOE) before becoming Prime Minister.
He played a key role in negotiating Spain's exit from the European Union's Eurozone rules and has been a vocal advocate for social justice and human rights.
Giorgia Meloni is an Italian politician who has been serving as the President of Italy since September 2022.
She previously served as the leader of the Brothers of Italy party, a right-wing populist party in Italy.
Born on January 15, 1977, in Rome, Italy, 'I have always believed that family and values are at the foundation of our society.' Meloni entered politics at a young age and quickly rose through the ranks.
She has been a member of the Italian Parliament since 2006 and has held various ministerial positions.
As President, Meloni's policies focus on reducing immigration and increasing national security.
Europe’s businesses are holding their breath as they face a potential 14% cut in exports to the US. The Spanish Chamber of Commerce fears this could have devastating consequences for its economy. In Slovakia, economists warn of a deep fall in economic output of at least 2.5% in just two years due to the country’s heavy reliance on industrial exports.
The French wine and spirits sector is likely to be hit hard, with a net loss of €1bn (£835m) predicted. Italian winemakers are also facing significant losses, with Stefano Leone warning that ‘everything is paralysed’ due to the lack of orders.
The reaction from around the world has been one of concern and alarm. Norway‘s Prime Minister Jonas Gahr Store called Trump’s decision ‘bad news’ that would have consequences for many Norwegian companies and jobs. However, Hungary‘s Foreign Minister Peter Szijjarto blamed the EU for its own incompetence in dealing with Trump.
The EU has already laid out a measured response to Trump’s tariffs, but further measures are being discussed. The possibility of imposing tariffs or restrictions on Big Tech services is also being considered. ‘This is the first year we’ve started exporting to the United States, and the tariffs affect us even more directly,’ said Rocco Mangiaracina, who runs a small family business producing olive oil in Sicily.
The EU’s response will be crucial in determining the outcome of this trade war. Will it stay united and negotiate with Trump, or will it hit back hard? The world is watching as Europe prepares for what could be a devastating trade war.
