US tariffs are ‘major blow to world economy,’ EU chief warns

US trade partners are urging US President Donald Trump to rethink the sweeping new tariffs he has imposed on dozens of countries, with EU chief Ursula von der Leyen calling them a “major blow to the world economy.”

She vows that Brussels is “prepared to respond,” saying that the European Union is “now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail.”

But, von der Leyen adds, “it is not too late to address concerns through negotiations.”

Japan similarly slams the tariffs as “extremely regrettable” and suggests that they may break World Trade Organization rules, as well as a US-Japan trade agreement.

Japanese firms are the biggest investors into the United States but Tokyo has failed to secure an exemption, with Trump announcing a hefty 24-percent levy on Japanese imports.