MOSCOW, April 1 (Bernama-Sputnik/RIA Novosti) -- The European Union has all the necessary tools to protect itself from new US tariffs, European Commission President Ursula von der Leyen said on Tuesday, reported Sputnik/RIA Novosti.
"Europe did not start this conformation, we think it is wrong, but my message is that we have everything we need to protect our people and our prosperity. We have the largest single market in the world, we have the strength to negotiate, we have the power to push back and the people of Europe should know that together we will always stand up for our Europe," von der Leyen told EU lawmakers.
So far the US administration has announced a 25 per cent increase of tariffs on imports of steel and aluminium, cars and car parts, and the EU expects semiconductors, pharmaceuticals and timber to be the next sectors facing tariffs, the official said.
"Tariffs are taxes that will be paid by the people, tariffs are taxes for the Americans on their groceries and their medication, tariffs will just fuel inflation. American factories will pay more for components that are produced in Europe this will cost jobs," von der Leyen said.
The EU will develop an internal market and keep diversifying trade partners in response to new US tariffs, she said, adding that the bloc does not want to take retaliatory trade measures against the US.
"Europe has not started this conformation, we do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it," the commission head said.
--BERNAMA-SPUTNIK/RIA NOVOSTI
