The European Union on Sunday condemned the latest tariffs imposed by the United States on Canada, Mexico, and China, warning that it will take firm action if similar measures are directed at European goods.CONTINUE FULL READING>>>>>
The statement came after US President Donald Trump announced sweeping trade restrictions, escalating tensions with key economic partner
Euro news reported that a spokesperson for the European Commission expressed regret over the US decision, stating that tariffs contribute to economic instability and rising inflation.
The EU has previously sought to avoid a trade dispute with Washington through negotiations, but recent comments from the US president have raised concerns that European products may soon be affected
The commission reiterated its commitment to maintaining a strong, rules-based trading system and emphasised the importance of low tariffs in promoting economic growth.
“The European Union regrets the US decision to impose tariffs on Canada, Mexico, and China.
“At the moment we are not aware of the imposition of further tariffs on EU products. Our trade and investment relations with the US are the most important in the world. The stakes are high. We should both seek to strengthen this relationship,’ the spokesman told Euro news on Sunday.
The spokesman added that open markets and respect for international trade rules “are essential for strong and sustainable economic growth’
“The EU firmly believes that low tariffs foster growth and economic stability within a strong, rules-based trading system. However, the EU will respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods,” he concluded
The tariffs on Canada, Mexico, and China have already triggered retaliatory measures.
Canadian Prime Minister Justin Trudeau announced a 25 percent tariff on select US goods, valued at $106bn, warning of potential damage to longstanding economic ties between the two nationsCONTINUE FULL READING>>>>>
