The United States will be fueling inflation with its move to resume tariffs on aluminum and steel imports, European Union trade commissioner Maros Sefcovic told the European Parliament on Tuesday (February 11), calling it a "lose-lose" scenario. - REUTERS
Category
🗞
NewsTranscript
00:00The EU sees no justification for the imposition of tariffs on our exports, which is economically
00:07counterproductive, especially given the deeply integrated production chains established through
00:14our extensive transatlantic trade and investment ties.
00:19Tariffs are taxes, bad for businesses, worse for consumers.
00:24And by imposing tariffs, the US will be taxing its own citizens, raising costs for its own
00:30business and fueling inflation.
00:33In addition, tariffs are not only harmful for the trading partners directly involved,
00:38but also risk having disruptive effects for many others, as well as the global trading
00:44system as a whole.
00:45Put simply, it is a lose-lose scenario.