Active preparations are underway in Europe and Asia for the introduction of new tariffs that U.S. President Donald Trump plans to announce on April 2. The American leader hinted at the possibility of implementing “dollar-for-dollar” tariffs on imported goods from countries that have their own tariffs on American products. However, Trump also suggested that less severe tariffs might be introduced.
This is reported by Finway
The White House reported that Trump’s chief economic advisors have already prepared various options for the new tariffs, from which the president will choose those to be announced on Wednesday. White House Press Secretary Caroline Levitt confirmed this information.
Europe’s Reaction to the New Tariffs
President of the European Central Bank Christine Lagarde expressed the view that the upcoming tariffs signal the beginning of Europe’s move towards greater self-sufficiency, particularly in the areas of defense and energy. She noted:
“I see this as a moment when we must collectively decide to take our fate into our own hands, and I believe this is a move towards independence.”
German Chancellor Olaf Scholz emphasized the European Union’s readiness to respond to Trump’s tariffs with a united front. It is known that the European Commission is considering the possibility of completely closing the EU market to American goods in response to trade restrictions, which could lead to an unprecedented escalation of the transatlantic trade war.
Meanwhile, the spokesperson for British Prime Minister Keir Starmer stated that the British government is “actively preparing for all possible scenarios.” He also added that negotiations between the UK and the U.S. regarding a tariff avoidance agreement are likely to continue even after Wednesday.
Asian Countries Attempt to Mitigate the Impact of New Tariffs
Japan, China, and South Korea are also discussing a free trade agreement to mitigate the negative effects of the new tariffs imposed by the Trump administration. Such negotiations have taken place for the first time in five years and indicate the Asian countries’ desire for closer economic cooperation in the face of threats from the U.S.
The main topic of discussion was a free trade agreement that could alleviate the consequences of American trade restrictions. Although significant progress in the negotiations has not been achieved, representatives from the three countries emphasized the importance of cooperation amid increasing economic pressure from the U.S.