Reside updates: World markets plunge on Trump’s tariff turmoil

The European Union is “prepared to barter” with america and has provided to scrap tariffs on industrial items, Ursula Von der Leyen, president of the European Fee, mentioned Monday.

“These tariffs come initially at immense prices for US customers and companies however, on the identical time, they’ve an enormous impression on the worldwide financial system,” the pinnacle of the EU’s govt arm mentioned at a information convention in Brussels.

Following US President Donald Trump’s announcement of hefty tariffs on dozens of nations final week, EU exports to the US face a 20% “reciprocal” tariff, whereas its metal and auto business face a 25% tariff. Von der Leyen mentioned the tariffs, which have prompted a world market rout, characterize a “main turning level” for the US.

Requested when the EU tabled the zero-tariff supply, von der Leyen mentioned the supply was made “lengthy earlier than” Trump’s newest tariff announcement and “repeatedly, for instance, within the automotive sector.” She confused that the EU has lengthy gone “zero for zero with different nations that even have a robust automotive sector.”

On the identical time, the EU is keen to play hardball: Though the EU would favor to strike a “negotiated settlement,” the bloc can be “making ready a possible record (of US imports) for retaliation,” she mentioned.

In the meantime, the pinnacle of the EU’s govt arm mentioned the bloc would discover new alternatives, citing offers it has already made with Mexico and Switzerland, in addition to new commerce agreements it’s exploring with India, Indonesia and different nations within the Indo-Pacific.

“We are going to focus like a laser beam on the 83% of world commerce that’s past america – huge alternatives – and that is why we’re deepening our relationships with our buying and selling companions,” she mentioned at a information convention in Brussels.

This submit has been up to date with further info.