FRANKFURT: Sweeping new tariffs announced by US President Donald Trump provoked dismay, threats of countermeasures and urgent calls for talks to find ways to rescind the stiff new import taxes imposed on goods from countries around the globe.
But responses on Thursday were measured, highlighting a lack of appetite for an outright trade war with the world's biggest economy.
Trump's announcement of a new 20% tariff on the European Union drew a sharp rebuke from European Commission President Ursula von der Leyen, who said it was a “major blow to the world economy.” “The consequences will be dire for millions of people around the globe,” von der Leyen said. Groceries, transport and medicines will cost more, she said while visiting Uzbekistan. “And this is hurting, in particular, the most vulnerable citizens.”
Von der Leyen held off, however, from announcing new retaliatory measures.
The makers of Italy's Parmigiano Reggiano cheese say the new tariffs just mean US consumers will pay more. “Putting tariffs on a product like ours, only increases the price for American consumers, without protecting local producers,’’ said Nicola Bertinelli, president of the Parmigian Reggiano Consortium.
US TECH COS COULD BE THE TARGET
Europe's strategy so far has been to limit retaliation to early tariff rounds to just a few politically sensitive goods such as bourbon and motorcycles in an attempt to push the US to the negotiating table. Economists say the next target could be US tech companies.
The EU response, likely to be ready by the end of April, includes the option of a tax on US digital giants, said French government spokesperson Sophie Primas. “We’re going to target the services, for example, digital services which are not being taxed for now and could be, the GAFAM ( Google, Apple, Facebook, Amazon and Microsoft) for example,” she said on French radio RTL.
Outgoing German Chancellor Olaf Scholz said the EU won’t be able to limit itself to saying the tariffs are damaging—“we must show that we have strong muscles.” British Prime Minister Kier Starmer said the UK government would react with “cool and calm heads," telling business leaders in London that he hopes to get the tariffs lifted with a trade deal.
But responses on Thursday were measured, highlighting a lack of appetite for an outright trade war with the world's biggest economy.
Trump's announcement of a new 20% tariff on the European Union drew a sharp rebuke from European Commission President Ursula von der Leyen, who said it was a “major blow to the world economy.” “The consequences will be dire for millions of people around the globe,” von der Leyen said. Groceries, transport and medicines will cost more, she said while visiting Uzbekistan. “And this is hurting, in particular, the most vulnerable citizens.”
Von der Leyen held off, however, from announcing new retaliatory measures.
The makers of Italy's Parmigiano Reggiano cheese say the new tariffs just mean US consumers will pay more. “Putting tariffs on a product like ours, only increases the price for American consumers, without protecting local producers,’’ said Nicola Bertinelli, president of the Parmigian Reggiano Consortium.
US TECH COS COULD BE THE TARGET
Europe's strategy so far has been to limit retaliation to early tariff rounds to just a few politically sensitive goods such as bourbon and motorcycles in an attempt to push the US to the negotiating table. Economists say the next target could be US tech companies.
The EU response, likely to be ready by the end of April, includes the option of a tax on US digital giants, said French government spokesperson Sophie Primas. “We’re going to target the services, for example, digital services which are not being taxed for now and could be, the GAFAM ( Google, Apple, Facebook, Amazon and Microsoft) for example,” she said on French radio RTL.
Outgoing German Chancellor Olaf Scholz said the EU won’t be able to limit itself to saying the tariffs are damaging—“we must show that we have strong muscles.” British Prime Minister Kier Starmer said the UK government would react with “cool and calm heads," telling business leaders in London that he hopes to get the tariffs lifted with a trade deal.
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