‘Big blow to world economy’: shocked reactions to Trumps taxes worldwide

This article was last updated on April 3, 2025

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‘Big blow to world economy’: shocked reactions to Trumps taxes worldwide

Worldwide, anger, bewilderment and dismay, but also resistance is responded to the global import duties that US President Trump last night announcement. “A big blow to the world economy,” responds EU committee chairman von der Leyen, “enormously disappointing,” says Japan, and China promises countermeasures.

Trump’s announcement goes straightforward by 80 years striving for fewer trade restrictions. “The world economy will suffer enormously. Uncertainty is increasing, just like protectionism. The consequences will be serious for millions worldwide,” says Von der Leyen.

The EU wants to talk to the US about the 20 percent import tax on products from Europe, but also prepared countermeasures, Von der Leyen warned. “I know that many of you are disappointed in our old ally.”

Von der Leyen about taxes Trump: ‘willing to negotiate’

Products from China will soon be taxed by 34 percent extra levy, on top of 20 percent that already applied. “China fiercely opposes this and will resolutely take countermeasures to protect its rights and interests,” the Ministry of Commerce responds without giving details.

In his taxes, Trump also tackles countries that count as a transit port of Chinese products: Cambodia, Laos and Vietnam, which are imposed 49, 48 and 46 percent respectively. Those countries have not yet responded. The stock markets in the region, however, are in the min. Shares in particular are falling down because of the extra levies that entered there.

The United Kingdom, which is the least affected by 10 percent, hopes, just like the EU, in a deal with the US. “The US is our most loyal ally, so our approach is to stay calm,” says British Foreign Minister. “Nobody wants a trade war and our intention remains to close a deal.”

An overview of some striking rates set by Trump:

Although Australia was also imposed the lowest rate of 10 percent, Prime Minister Albanese expressed his disappointment. “This is not the behavior of a friend. Today’s decision will increase the uncertainty in the global economy and increase the costs for American households.” However, he announced that he would not come up with countermeasures.

Other countries warn that countermeasures can result in a further escalation. “We will do everything we can to work on an agreement with the United States,” reacted Italian Prime Minister Meloni, “with the aim of avoiding a trade war that would inevitably weaken the West in favor of other world players.”

What is behind Trumps taxes for the European Union?

Canada and Mexico, the neighboring countries of the US, will not receive any new taxes. The rates of 25 percent previously announced, however, come into effect. Canadian Prime Minister Carney says he will come up with countermeasures. “We are going to protect our employees and we are going to build the strongest economy in the G7.” Mexico comes with a response later today.

Warnings for a trade war also sound from The Hague. Frans Timmermans, party leader of GroenLinks/PvdA, wants Europe to come with countermeasures when Trump continues its plans. “Nobody in Europe wants a trade war. Because in such a war you only have losers,” he writes on X.

Dilan Yesilgöz (VVD) also speaks out against the import rates. “Nobody benefits from a trade war. That is harmful to companies and consumers, in Europe but also in the US itself,” writes the party leader of the coalition party. “Free, equal trade is the basis of our Western society. The most important assignment for us is to ensure that our own economy is as independent as possible.”

The minimum levy starts on Saturday, the rest next Wednesday.