Last week, President Trump threatened the European Union with a 25% tariff on European products. In response, the EU is preparing retaliatory measures. EU spokesperson Olof Gill stated: “The EU is engaging in high-level communication with the US while also discussing countermeasures.” The EU has already compiled a list of targeted products and is considering additional strong measures in areas such as services, investments, and intellectual property. However, the policy decision-making process is expected to take time.
The European Union warns that these tariffs will not only harm specific trade partners but will also exacerbate economic tensions. The EU argues that such tariffs do not benefit the US and will ultimately impose a greater economic burden on the American people.
In this context, Mr. Bernard Dewit, Chairman of the Belgian-Chinese Chamber of Commerce (BCECC) was interviewed by CCTV. In his interview, Mr. Dewit analyzed the economic impact of these tariffs. He explained that higher production costs in the US will lead to inflation, making American products more expensive and increasing the financial strain on consumers. Additionally, retaliatory tariffs from other countries will reduce US exports by making American goods more costly abroad. Mr. Dewit emphasized that these tariffs are not in the best interest of the US and will only result in a lose-lose situation.
Click here to find the full interview in Chinese.
