President of the European Commission Ursula von der Leyen spoke on Monday about tariffs and negotiating with the United States.
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NewsTranscript
00:00Good morning.
00:07President Trump's announcement of universal tariffs on the whole world, including the
00:12European Union, is a major blow to the world economy.
00:18I deeply regret this choice.
00:20Let's be clear-eyed about the immense consequences.
00:25The global economy will massively suffer.
00:29Uncertainty will spiral and trigger the rise of further protectionism.
00:34The consequences will be dire for millions of people around the globe, also for the most
00:41vulnerable countries, which are now subject to some of the highest U.S. tariffs, the opposite
00:49of what we wanted to achieve.
00:53The tariffs will also hurt consumers around the world.
00:57It will be felt immediately.
01:00Millions of citizens will face higher grocery bills.
01:03Medication will cost more, as well as transportation.
01:08Inflation will go up.
01:10And this is hurting in particular the most vulnerable citizens.
01:16All businesses, big and small, will suffer from day one.
01:21From great uncertainty to the disruption of supply chains to burdensome bureaucracy,
01:30the costs of doing business with the United States will drastically increase.
01:36And what is more, there seems to be no order in the disorder, no clear path through the
01:44complexity and chaos that is being created as all U.S. trading partners are hit.
01:53In the past 80 years, trade between the European Union and the United States has created millions
02:00of jobs.
02:02Consumers across the Atlantic have benefited from reduced prices.
02:07Traders have benefited from huge opportunities, leading to unprecedented growth and prosperity.
02:16And at the same time, we know that the global trading system has serious deficiencies.
02:23I agree with President Trump that others are taking unfair advantage of the current rules.
02:31And I'm ready to support any efforts to make the global trading system fit for the realities
02:38of the global economy.
02:41But I also want to be clear.
02:45Reaching for tariffs as your first and last tool will not fix it.
02:52This is why from the outset, we have always been ready to negotiate with the United States,
03:01to remove the remaining barriers to transatlantic trade.
03:05At the same time, we are prepared to respond.
03:10We are already finalizing the first package of countermeasures in response to tariffs
03:15on steel.
03:17And we are now preparing for further countermeasures to protect our interests and our businesses
03:24if negotiations fail.
03:28We will also be watching closely what indirect effects these tariffs could have, because
03:34we cannot absorb global overcapacity, nor will we accept dumping on our markets.
03:42As Europeans, we will always promote and defend our interests and our values.
03:48And we will always stand up for Europe.
03:52But there is an alternative path.
03:55It is not too late to address concerns through negotiations.
04:00This is why our Trade Commissioner Marosevkovic is permanently engaged with his U.S. counterparts.
04:08We will work towards reducing barriers, not raising them.
04:13So let's move from confrontation to negotiation.
04:19Finally, I would like to speak directly to my fellow Europeans.
04:25I know that many of you feel let down by our oldest ally.
04:30Yes, we must brace for the impact that this will inevitably have.
04:37Europe has everything it needs to make it through the storm.
04:42We are in this together.
04:44If you take on one of us, you take on all of us.
04:49So we will stand together and stand up for each other.
04:53Our unity is our strength.
04:57Europe has the largest single market in the world – 450 million consumers.
05:03That is our safe harbour in tumultuous times.
05:07And Europe will stand at the side of those directly impacted.
05:12We have already announced new measures to support the steel and cars sectors.
05:18Last week, we limited the amount of steel that can be imported to Europe tariff-free.
05:26This will give more breathing space to these strategic industries.
05:31Now, we will also convene strategic dialogues with the steel, the automotive and the pharmaceutical
05:38sectors.
05:40And others will follow.
05:43Europe stands together – for our businesses, for our citizens, and for all Europeans.
05:51And we will continue to build bridges with all those that, like us, care about fair and
05:58rules-based trade as a basis for shared prosperity.