The European Commission views US President Trump’s proposed “reciprocal” trade policy as a step in the wrong direction, according to a statement, Report informs.
“The EU remains committed to an open and predictable global trading system that benefits all partners. The EU maintains some of the lowest tariffs in the world and sees no justification for increased US tariffs on its exports. Tariffs are taxes. By imposing tariffs, the US is taxing its own citizens, raising costs for business, stifling growth and fuelling inflation. Tariffs heighten economic uncertainty and disrupt the efficiency and integration of global markets,” reads the EC’s statement.
According to the EC, for decades, the EU has worked with trading partners like the US to reduce tariffs and other trade barriers worldwide, reinforcing this openness through binding commitments in the rules-based trading system—commitments that the US is now undermining.
