European countries have announced they have developed a ‘strong plan’ to address the anticipated tariffs that Trump is expected to introduce.
Since Donald Trump has resumed office at the White House, he has emphasized his desire to implement changes aimed at ‘making America great again’.
These changes have primarily involved imposing tariffs on neighboring countries and allies, particularly Canada and Mexico.
Additionally, on March 26, Trump introduced a 25 percent tariff on imports of ‘automobiles and certain automobile parts’.
The President has also indicated plans to address his European allies, having previously declared April 2 as ‘Liberation Day’ for the United States.
This date is anticipated to be when significant tariffs will be announced as part of his economic strategy.
In a public address, European Commission President Ursula Von der Leyen described the European Union’s planned response to Trump’s actions.
She stated: “Europe has not started this confrontation.
“We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.”
On March 31, White House press secretary Karoline Leavitt announced that Trump would hold a press conference on April 2 to disclose his plans, although she provided no specifics.
Despite cautioning Trump about possible counteractions, Von der Leyen conveyed that Europe remains open to discussions to reach a mutually acceptable resolution.
She further commented: “We will approach these negotiations from a position of strength. Europe holds a lot of cards, from trade to technology to the size of our market.
“But this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table.”
According to sources who communicated with the Wall Street Journal, Trump’s advisors are contemplating implementing 20 percent tariffs on almost all countries engaged in trade with the US.
However, it appears that not everyone in Trump’s inner circle supports this approach. “No one knows what the f**k is going on,” a White House ally told Politico.
“What are they going to tariff? Who are they gonna tariff and at what rates? Like, the very basic questions haven’t been answered yet.”
While Trump has yet to make any official statements, the US stock market has already felt the impact.