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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Trump tariff effect: European Council President calls to fast track trade deal with India & other allies
European Council President Antonio Costa has called for a swift conclusion to trade agreements with key global partners, including India, in response to the recent tariff measures imposed by the United States.
In a tweet posted on X on Thursday, Costa emphasised the urgency for Europe to deepen its trade ties beyond the U.S. to maintain global economic stability.
«The trade tariffs imposed by the United States should urge Europe to reach free trade deals with other partners in the world,» Costa wrote.
He expressed full support for the EU Commission in its trade negotiations with the U.S. and underscored the importance of trade in driving global prosperity.
Costa's statement pointed to several crucial ongoing trade talks, noting, “Trade is a powerful engine of global prosperity. The EU will remain a staunch advocate for free and fair trade. We will engage with all our partners and continue to strengthen and expand our trade network. Now is the time to move forward with the agreements with #Mercosur, #Mexico and decisively advance in the negotiations with #India and other key partners."
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The European leader’s comments reflect the growing concerns within the EU about the potential economic fallout from President Donald Trump’s recent trade decisions.
On Wednesday, U.S. President Donald Trump announced a set of reciprocal tariffs that could potentially disrupt global trade flows.
The tariffs, which affect approximately 60 countries, were introduced as a countermeasure to high trade barriers imposed by other nations. The U.S. levied a 26% reciprocal tariff on Indian exports, part of a broader move aimed at aligning the U.S. trade relations more equitably, according to the White House.
Trump’s decision is
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