In response, EU Trade Commissioner Maroš Šefčovič emphasized the EU's willingness to negotiate but warned that the bloc is prepared to defend its interests, stating that trade should be based on mutual respect, not threats.
The announcement has already impacted global markets, with significant declines observed in major indices. European markets, including Germany's DAX and France's CAC 40, fell between 1% and 1.7%, while in the U.S., the S&P 500 and Nasdaq also experienced notable losses.
Analysts warn that the proposed tariffs could lead to increased inflation, reduced consumer choice, and broader risks to economic growth. The EU is considering countermeasures, including potential retaliatory tariffs on U.S. goods, to protect its economic interests.
As the June 1 implementation date approaches, businesses and consumers are advised to stay informed about developments in this evolving trade situation.
Sources: News.com.AU, Market Watch, The Guardian
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