Trade wars and US duties make no sense - European Commission head
Kyiv • UNN
The President of the European Commission said that US customs duties do not make economic sense and contribute to inflation. The EU is ready to take appropriate measures to protect its economic interests.
European Commission President Ursula von der Leyen has criticized trade wars and US tariffs, saying they make no economic sense and will only contribute to inflation, especially for low-income people on both sides of the Atlantic. She said this at the Munich Security Conference, UNN reports.
We need to speak plainly. We need to build competitiveness, increase spending on defense and artificial intelligence, and accept the new rules of the game of the new reality. The stronger Europe is, the better it is for us, the more we will cooperate with the United States to deter threats that are common because we are partners. Therefore, we believe that trade wars and customs duties do not make any sense
According to her, customs duties, like taxes, stimulate inflation and hit low-income people hardest "on both sides.
She says that these duties will have a major impact on transatlantic trade chains.
We want to avoid a global race in this area, because they - unjustified duties on European goods - will have a backlash. I would like to emphasize that the EU is one of the largest markets and we will make appropriate decisions regarding our economic interests
Recall
Ursula von der Leyen promised to introduce tough measures in response to the new US duties on European steel and aluminum.
The European Commission intends to protect the economic interests of the EU, workers and consumers.
