EU Vows Retaliation After Trump Slaps 20% Tariffs on European Goods
European Commission President Ursula von der Leyen has pledged that the European Union will retaliate against sweeping new U.S. tariffs, warning that the measures pose a “major blow” to the global economy.
Speaking from Uzbekistan ahead of the EU-Central Asia summit, Ms. von der Leyen condemned President Donald Trump’s decision to impose 20% tariffs on EU imports—double the 10% rate announced for British goods. She described the move as having “dire consequences for millions of people around the world.”
“The European Union is already finalising an initial package of countermeasures in response to the U.S. tariffs on steel,” she said. “We are also preparing further steps to safeguard our economic interests and support European businesses, should negotiations break down.”
Trump unveiled the tariffs during his “Liberation Day” address at the White House, triggering a global market selloff.
Stock markets worldwide reacted sharply. In the U.S., the Nasdaq plunged 4% in after-hours trading, with Apple shares sliding nearly 7%. Roughly $760 billion (£582 billion) was expected to be wiped from the value of the so-called “Magnificent Seven” tech giants—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.
The S&P 500 fell 3%, while the Dow Jones Industrial Average dropped 2% in extended trading, setting the stage for a jittery start to Thursday’s session on Wall Street.
Asian markets opened deep in the red. Japan’s Nikkei 225 tumbled more than 3.4% after a 24% tariff was imposed on Japanese imports to the U.S. South Korea, facing a 25% tariff, saw its Kospi index fall 1.9%. In Australia, which was hit with a 10% duty, the S&P/ASX 200 declined 1.8%.
