Trump’s tariffs are big economic mistake, says European Council President Costa
The President of the European Council, Antonio Costa, believes that the tariffs to be announced by US President Donald Trump are a "big economic mistake."
This was reported by Censor.NET with reference to European Pravda.
The trade war between the European Union and the United States "will affect everyone," Costa warned. In his opinion, the EU should react "firmly but reasonably".
"This is a really big economic mistake for the United States, but also for Europe and the whole world. We have to respond firmly, but at the same time smartly. That means we have to reach an agreement to negotiate," he said.
Koshta explained that this means "reaching a negotiated solution".
"Tariffs are taxes. Taxes that American consumers will pay, that American companies will pay. This will not be good for Americans, but it will also be bad for Europeans," the President of the European Council said.
According to him, entering into a tariff war is not the best way. "We really have to react in a way that finds a negotiated solution in the common and mutual interests of the United States and Europe - the American economy and the European economy," he assured.
Costa expressed confidence in the European Commission's ability to weather the trade storm and continue discussions with Washington until a compromise is reached, even if the talks have been completely unsuccessful so far.
"Our trade relations are 30% of world trade (and) 40% of world GDP, so it will not only affect Europe and the US, it will affect everyone, so it is a big mistake. But I hope that the United States realizes the scale of this mistake and that we can avoid a trade war," he concluded.
As you know, today Donald Trump will announce the introduction of new large-scale reciprocal tariffs on goods from the world's trading partners. Trump believes that the tariffs will bring back jobs to the United States and fill the federal budget with trillions of dollars in new revenues. Trump warned that these tariffs would apply to all countries.
