European Commission President Ursula von der Leyen on Thursday (April 3) described U.S. Donald Trump's universal tariffs as a major blow to the world economy, adding that the European Union was prepared to respond with countermeasures if talks with Washington failed. - REUTERS
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00:00President Trump's announcement of universal tariffs on the whole world,
00:05including the European Union, is a major blow to the world economy.
00:11I deeply regret this choice.
00:14Let's be clear-eyed about the immense consequences.
00:18The global economy will massively suffer.
00:22Uncertainty will spiral and trigger the rise of further protectionism.
00:27The tariffs will also hurt consumers around the world.
00:30It will be felt immediately.
00:33Millions of citizens will face higher grocery bills.
00:37Medication will cost more, as well as transportation.
00:41Inflation will go up.
00:44And this is hurting in particular the most vulnerable citizens.
00:48We have always been ready to negotiate with the United States
00:54and remove the remaining barriers to transatlantic trade.
00:58At the same time, we are prepared to respond.
01:03We are already finalizing the first package of countermeasures
01:06in response to tariffs on steel.
01:10And we are now preparing for further countermeasures
01:13to protect our interests and our businesses if negotiations fail.