EC chief: US high tariffs major blow to world economy

BRUSSELS, April 3 (KUNA) -- European Commission President Ursula von der Leyen said on Thursday US President Donald Trump's decision to impose comprehensive tariffs on all nations including the EU was a huge blow to the world economy.
Expressing deep regret for Trump's drastic measure, von der Leyen warned that the international economy would encounter significant hardships, with mounting uncertainty and rapid trends toward protectionism.
The consequences will be catastrophic, said von der Leyen in a statement she made in Uzbekistan, where she is paying a visit to the country. She affirmed that the impact would be catastrophic on millions of people around the world, namely poorest nations subject to high levies from the US.
She warned that there would be drastic impact on the chain of supplies, forthcoming tiring bureaucracy and cautioned that the costs of trade with the US would double.
Von der Leyen added that imposing the high duties would not solve the problem, expressing readiness to negotiate with Washington "to remove any remaining barriers facing trans-Atlantic trade." Trump declared on Wednesday slapping stinging levies on most states of the globe. The lowest tariff, ten percent, was imposed on the UK and most Arab countries, in addition to 20 percent on the EU member states.
The US president, who served in a previous term, has argued that the stiff measure is necessary to protect the American economy, pave the way for companies to invest in the US and create jobs for Americans.
His decision came opposite to globalization and liberalization of world trade that had been advocated by most nations years back. (end) arn.rk