EU attempts to show strength in face of Trump’s latest tariff move
(MENAFN) The European Union is attempting to show strength in the face of US President Donald Trump’s latest tariff move, which imposes a 20% levy on EU imports. European Commission President Ursula von der Leyen confidently declared that Europe is well-equipped to handle the economic strain, citing the EU’s size and market power as key assets. However, this bravado hasn’t done much to reassure markets, with the Eurozone’s top stock index tumbling in response.
Von der Leyen’s confidence in the EU’s ability to counteract Trump’s actions was echoed by the suggestion that Europe would take firm countermeasures. But the EU’s recent track record of responding to crises has raised doubts. For example, Brussels’ energy-saving measures, like advising citizens to share showers to conserve energy after cutting Russian fuel, have seemed more symbolic than effective.
Despite this, von der Leyen stuck to her mantra of unity, urging Europe to present a united front. German Economy Minister Robert Habeck, meanwhile, compared the situation to a geopolitical arm-wrestling contest, suggesting Europe needs to apply pressure to Trump. However, some critics argue that Europe’s economic power, particularly Germany’s, isn’t as robust as they claim.
The EU’s latest target of frustration is its closest ally, the US. French President Emmanuel Macron has called for European companies to pause investments in the US, arguing that pouring money into the American economy while facing tariffs sends the wrong message. The EU’s response to this economic challenge will likely shape its future approach to international trade.
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