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00:00President Trump's announcement of universal tariffs on the whole world, including the
00:12European Union, is a major blow to the world economy.
00:17I deeply regret this choice.
00:19Let's be clear-eyed about the immense consequences.
00:24The global economy will massively suffer.
00:28Uncertainty will spiral and trigger the rise of further protectionism.
00:34The tariffs will also hurt consumers around the world.
00:38It will be felt immediately.
00:40Millions of citizens will face higher grocery bills.
00:44Medication will cost more, as well as transportation.
00:49Inflation will go up.
00:51And this is hurting in particular the most vulnerable citizens.
00:57All businesses, big and small, will suffer from day one.
01:02From great uncertainty, to the disruption of supply chains, to burdensome bureaucracy,
01:11the costs of doing business with the United States will drastically increase.
01:18And what is more, there seems to be no order in the disorder.
01:23No clear path through the complexity and chaos that is being created as all U.S. trading
01:30partners are hit.
01:33I agree with President Trump that others are taking unfair advantage of the current rules.
01:40And I'm ready to support any efforts to make the global trading system fit for the realities
01:48of the global economy.
01:51But I also want to be clear.
01:54Reaching for tariffs as your first and last tool will not fix it.
02:02We have always been ready to negotiate with the United States to remove the remaining
02:09barriers to transatlantic trade.
02:13At the same time, we are prepared to respond.
02:18We are already finalizing the first package of countermeasures in response to tariffs
02:23on steel.
02:25And we are now preparing for further countermeasures to protect our interests and our businesses
02:32if negotiations fail.
02:35I know that many of you feel let down by our oldest ally.
02:40Yes, we must brace for the impact that this will inevitably have.
02:47Europe has everything it needs to make it through the storm.
02:51We are in this together.
02:54If you take on one of us, you take on all of us.
02:59So we will stand together and stand up for each other.
03:03Our unity is our strength.