EU Stands United Against U.S. Tariff Hike
European Council President Antonio Costa affirmed the EU's solidarity and readiness to protect its economic interests following U.S. President Donald Trump's imposition of 30% tariffs on EU goods. Costa emphasized the negative impact of tariffs on inflation and economic growth, reiterating the EU's commitment to global trade partnerships.
- Country:
- Belgium
European Council President Antonio Costa has declared the European Union's unity and readiness to defend its interests in light of newly announced U.S. tariffs. On Saturday, Costa responded to President Donald Trump's initiative, which introduces a 30% tariff on EU goods starting August 1, asserting a firm stance from the EU.
Costa emphasized that tariffs function as taxes that not only drive inflation but also inject uncertainty and stunt economic growth. He stressed the detrimental consequences these measures could have on both regional and global economic stability.
Despite these challenges, Costa assured that the EU would continue to foster robust trade relationships worldwide, aiming to buffer the impacts of protectionist policies and promote sustained economic development.
(With inputs from agencies.)
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