Source: Xinhua News Agency

Xinhua News Agency, Brussels, July 12th - Overview | Trump Again Threatens to Impose Tariffs, EU Calls for Protecting Its Own Interests

By Xinhua reporters Kang Yi and Zhang Zhaoqing

US President Trump announced on the 12th that he would impose a 30% tariff on goods imported from the EU starting August 1st, claiming that the EU's tariffs and non-tariff trade barriers have led to a significant trade deficit in the US with the EU. EU officials, business leaders, and academics are strongly dissatisfied with this, believing that Trump is once again applying extreme pressure, which will further harm transatlantic interests. The EU should take all necessary measures to protect its own interests.

President of the European Council, Costa, said that tariffs increase inflation, create uncertainty, and hinder economic growth. He said that the EU will continue to remain "firm and united," ready at any time to protect its own interests, and continue to build strong trade partnerships worldwide.

French President Macron condemned Trump's threatening remarks and called on the EU to "firmly defend European interests." He stated that France "strongly opposes" the threatening statements and emphasized that if the US and EU fail to reach an agreement before August 1st, the EU will "use all available means and accelerate the preparation of concrete countermeasures."

Spanish Prime Minister Sanchez stated that economic openness and trade bring prosperity, while unreasonable tariffs destroy everything. Spain will continue to support the European Commission in negotiations with the US and strive to reach an agreement before August 1st.

Acting Dutch Prime Minister Scholz expressed concern that the US threat was not the right way. He called on the EU to unite and firmly pursue mutually beneficial results with the US.

German Minister of Economy and Energy, Katrin Eder, stated that US tariffs will be a heavy blow to European export companies and have a significant impact on the US economy and consumers. She called for a practical approach to resolve the escalating trade disputes.

Chairman of the European Parliament's Committee on International Trade, Bernd Lange, called Trump's move "shocking" and urged decisive countermeasures. He said that the US and EU have been engaged in intensive negotiations for more than three weeks and have proposed suggestions to safeguard mutual interests. However, Trump suddenly decided to impose tariffs, which is unreasonable, lacks sincerity, and shows no respect. He called for immediate initiation of the first round of retaliatory tariffs on US goods.

Wolfgang Niedermayer, member of the Management Board of the German Industry Association, stated that Trump's threats are a warning for the industrial sectors on both sides of the Atlantic. He warned that using tariffs as a political pressure tool will increase costs, threaten jobs, and weaken the competitiveness of European and American products globally.

Hildgard Mueller, President of the German Automobile Industry Association, stated that there is a risk of further escalation of the US-EU trade conflict. The import tariffs imposed by the US on the EU automotive industry have already caused losses of billions of euros for German companies, and the losses are continuing to grow. She called on the EU and the US to "find a solution as soon as possible" on the tariff issue.

Dan O'Brien, Chief Economist of the Institute for International and European Affairs, stated that imposing a 30% tariff on EU goods exported to the US would have a significant trade destructive effect. He pointed out that the risk of a broader economic conflict between the EU and the US has increased.

Cyrus D'Alruabia, Chief Economist of Hamburg Commercial Bank, stated that the EU should take a firm stance in negotiations because models show that tariffs imposed on the EU have a greater negative impact on the US than on the eurozone. He said, "Trump ignores the fact that the higher inflation, higher interest rates, and economic slowdown caused by tariffs usually appear with a delay. And the so-called 'Big and Beautiful' Act is not enough to offset these negative effects."

Original article: https://www.toutiao.com/article/7526336225382908451/

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