Gold prices edge up after sharp losses; US inflation data awaited
Investing.com -- The European Union (EU) has prepared a plan to counter any potential tariffs that U.S. President Trump might impose on foreign goods, according to European Commission President Ursula von der Leyen.
Von der Leyen stated on Tuesday in Strasbourg, France, that the EU did not initiate this conflict. While the bloc does not wish to retaliate, it has a robust plan in place, if necessary. She emphasized that the EU is awaiting U.S. tariff announcements on Wednesday. Policymakers will carefully evaluate these to craft an appropriate response.
The European Commission President warned that increased tariffs would only stoke inflation, a result contrary to the EU’s goals. Her comments come at a time when Trump is seeking to implement additional tariffs beyond those that have already disturbed global markets in recent weeks.
Last month, tariffs on steel and aluminum were enforced, exerting pressure on the EU’s industrial sector. Just last week, Trump announced a 25% tariff on global automotive imports into the U.S., scheduled to take effect on April 2, with collections beginning April 3.
President Trump has set a Wednesday deadline to declare more tariffs, referring to it as ’Liberation Day.’ These developments indicate an escalation in the ongoing trade tensions between the U.S. and the EU, with potential implications for global trade and markets.
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