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Trump Reciprocal Tariffs: EU leader says new tariffs 'major blow' to global economy

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Trump Reciprocal Tariffs: EU leader says new tariffs 'major blow' to global economy

DW

, Thursday, 3 April 2025 (12:33 IST)
While announcing the new, sweeping tariffs on what he called "Liberation Day," Trump held up boards showing the levies to be imposed on imports from various countries.

Based on the information on the charts, the US is imposing a tariff rate of around half of what most countries charged. In some cases, the US will be charging the exact rates charged by the countries affected.
 
Here is the list of tariffs Trump displayed, as given by Reuters news agency:   
   
Algeria                 30%
Oman                   10%
Uruguay                10%
Bahamas               10%
Lesotho                 50%
Ukraine                 10%
Bahrain                 10%
Qatar                    10%
Mauritius               40%
Fiji                         32%
Iceland                 10%
Kenya                   10%
Liechtenstein         37%
Guyana                  38%
Haiti                        10%
Bosnia and Herzegovina  35%
Nigeria                 14%
Namibia                 21%
 Brunei                  24%
 Bolivia                 10%
 Panama                  10%
 Venezuela               15%
 North Macedonia         33%
 Ethiopia                10%
 Ghana                   10%
 China           34%
 European Union  20%
 Vietnam         46%
 Taiwan          32%
 Japan           24%
 India           26%
 South Korea     25%
 Thailand        36%
 Switzerland     31%
 Indonesia       32%
 Malaysia        24%
 Cambodia        49%
 United Kingdom  10%
 South Africa    30%
 Brazil          10%
 Bangladesh      37%
 Singapore       10%
 Israel          17%
 Philippines     17%
 Chile           10%
 Australia       10%
 Pakistan        29%
 Turkey          10%
 Sri Lanka       44%
 Colombia        10%
  Peru                  10%
 Nicaragua             18%
 Norway                15%
 Costa Rica            10%
 Jordan                20%
 Dominican Republic    10%
 United Arab Emirates  10%
 New Zealand           10%
 Argentina             10%
 Ecuador               10%
 Guatemala             10%
 Honduras              10%
 Madagascar            47%
 Myanmar          44%
 Tunisia               28%
 Kazakhstan            27%
 Serbia                37%
 Egypt                 10%
 Saudi Arabia          10%
 El Salvador           10%
 Cote d'Ivoire         21%
 Laos                  48%
 Botswana              37%
 Trinidad and Tobago   10%
 Morocco               10%
 
EU's von der Leyen says Trump tariffs 'major blow' to global economy
 
European Commission President Ursula von der Leyen has warned that the tariffs announced by Trump are likely to cause great harm to the global economy and people's livelihoods. 
 
"President Trump's announcement of universal tariffs on the whole world, including the EU, is a major blow to the world economy," she said. 
 
"Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe," she added.
 
Von der Leyen said that the EU was already preparing moves to counteract the tariffs if negotiations did not succeed in resolving the trade conflict with the US.
 
"We are already finalizing a first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail," she said.
 
Trump has imposed new tariffs of 20% on imports from the EU after previously slapping tariffs on steel and aluminum imports as well as cars and auto parts from the bloc.
 
Tariffs should spur free trade with other partners besides US: EU Council president
 
Europe should strive for free trade agreements with other global partners in view of the trade tariffs now imposed by Washington, European Council President Antonio Costa said.
 
"We will engage with all our partners and continue to strengthen and expand our trade network. Now is the time to ratify the agreements with Mercosur, Mexico and decisively advance in the negotiations with India and other key partners," Costa said in a post on X, formerly Twitter.
 
Just ahead of Trump's inauguration in January, the EU announced an agreement with Mexico to strengthen trade relations in view of the likelihood of new US tariffs under the incoming president. 
 
The EU concluded some 20 years  of negotiations on a free trade deal with Mercosur in December, but the deal still needs to be ratified by at least 15 of the European Union's 27 member nations representing a minimum of 65% of the EU population.
 
The deal with Mercosur is still under fire particularly from farmers in France and Poland, who say it will mean an undermining of European agricultural standards.
 
German economy minister calls for EU unity in the face of tariffs
 
German Economy Minister Robert Habeck said on Thursday that it was crucial for the European Union to give a unified response to the trade tariffs imposed by the US.
 
"Europe's strength is our strength. We have the largest single market in the world. We must utilize this strength," Habeck said in a statement.
 
Habeck criticized the tariffs, saying they could cause huge economic damage across the world.
 
"The US obsession with tariffs could put a spiral in motion that can tear countries into recession and cause massive damage worldwide," he said, adding that this will have "dire consequences for many people."
 
Habeck insisted that the EU had "always urged negotiations rather than confrontation" but that if the US did not want a negotiated resolution, the bloc would "give a balanced, clear and resolute response."
 
He also questioned Trump's use of the term "Liberation Day" in connection with the new tariffs, saying that "for the consumers in the US, the day will not be Liberation Day, but Inflation Day."

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