brussels ¨C U.S. President Donald Trump¡¯s announcement of sweeping tariffs on America¡¯s trading partners has widened the rift between the United States and some of its closest allies while reconfiguring the global economic order.
Trump¡¯s plan, which he unveiled on Wednesday and is calling ¡°reciprocal,¡± would impose a wave of tariffs on dozens of countries. Among America¡¯s most important trading partners affected were the European Union, which will face 20% tariffs under the plan, and China, which will absorb an additional 34% on top of existing levies.
The new tariffs represent ¡°a major blow to the world economy,¡± Ursula von der Leyen, the president of the European Commission, said in a press statement early Thursday morning. ¡°The global economy will massively suffer. Uncertainty will spiral, and trigger the rise of further protectionism.¡±
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