03.04.2025 11:22
The decision by United States President Donald Trump to impose additional tariffs has prompted many countries around the world to take action. Threats of retaliation against the U.S. decision to increase customs duties are coming in one after another.
US President Donald Trump has announced comprehensive new import tariffs. In response to Trump's decision, which imposes a minimum 10% basic customs duty on all countries, European Commission President Ursula von der Leyen stated in a press conference in Samarkand, Uzbekistan, where she attended the EU-Central Asia Summit, that "the global customs duties announced by Trump yesterday are a major blow to the world economy."
THREAT OF RETALIATION AGAINST THE US
Von der Leyen, who said that the European Union is ready to respond with countermeasures if talks with Washington regarding taxation fail, stated, "We have completed the first package of measures in response to the customs duties on steel. Now, if negotiations fail, we are preparing to take further countermeasures to protect our interests and businesses."
"NOT TOO LATE"
Without providing details on the additional measures the EU will take, Ursula von der Leyen expressed her regret over the US's decision, warning that there could be "enormous consequences" in the global economy, which includes vulnerable countries facing some of the highest customs tariffs in the US. Von der Leyen added that uncertainty will grow in a spiral and protectionism will increase. She pointed out that consumers will face rising costs for food, medicine, and transportation, emphasizing that businesses will be disrupted. Von der Leyen noted that she agrees with Trump on the unfair advantages some others gain from global trade rules, stating, "It is not too late to discuss concerns through negotiations."
REPEATED RESPONSES FROM CHINA, SOUTH KOREA, AND JAPAN
The Chinese Ministry of Commerce announced that measures will be taken against the reciprocal tariffs announced by US President Donald Trump, stating, "There are no winners in a trade war, and protectionist policies lead nowhere." Japan's Minister of Economy, Trade and Industry Yoji Muto said, "We will strongly insist on Japan being exempt from customs duty measures," while South Korea's Acting President Han Duck-soo stated, "Given the very serious situation amid the reality of an impending global tax war, the government must mobilize all available resources to overcome this trade crisis."
"WITHDRAW"
Reactions from trade partners in the Asia-Pacific region to the reciprocal tariffs announced by US President Donald Trump were swift. The Chinese Ministry of Commerce (MOFCOM) stated that Beijing opposes the proposed 34% customs duty and expressed that it will "resolutely take countermeasures to protect China's rights and interests." The statement called on the US administration to withdraw from the imposition of customs duties, stating, "There are no winners in a trade war, and protectionist policies lead nowhere. China urges the US to immediately lift unilateral tariffs and resolve disputes with trade partners through dialogue."
"VIOLATION OF INTERNATIONAL TRADE RULES"
The announcement emphasized that the new customs duties announced by Trump disregard the balance of interests achieved through multilateral trade negotiations, stating, "The so-called 'reciprocal tariffs' determined based on unilateral and subjective assessments violate international trade rules, seriously undermine the legitimate rights and interests of the parties involved, and represent a typical act of unilateral bullying." It was noted that many of the US's trade partners have expressed strong dissatisfaction and opposition to these customs duties, warning that the tariffs threaten global economic growth and the stability of industrial and supply chains.
"THE SITUATION HAS BECOME VERY SERIOUS"
South Korea's Acting President Han Duck-soo held an emergency meeting with Finance Minister Choi Sang-mok, Industry Minister Ahn Duk-geun, and other senior government officials following the decision to impose a 25% customs duty targeting his country. In the meeting, Han instructed the government to take all necessary measures against the customs duties, stating, "Given the very serious situation amid the reality of an impending global tax war, the government must mobilize all available resources to overcome this trade crisis." Han instructed Industry Minister Ahn to analyze the details of the new tariffs and their potential impacts in collaboration with commercial enterprises and to engage in active negotiations with the US to minimize any potential damage.
"WE WILL STRIVE TO MINIMIZE DAMAGE"
South Korea's Finance Minister Choi Sang-mok stated that they will take measures to ensure stability in the markets in the event of financial fluctuations due to US customs duties. "It is likely that the US government's customs duty measures will cause fluctuations in the global financial market for a while. Domestic financial and foreign exchange markets are also expected to respond sensitively," said Choi, adding, "We will make a joint effort across the government to minimize any damage to our economy. We will develop the best possible response strategies in cooperation with the private sector through the Economic Security Strategy Task Force."
"EXTREMELY SAD"
Japan's Minister of Economy, Trade and Industry Yoji Muto stated that it is "extremely sad" that a 24% customs duty will be applied to Japan's exports to the US. "We will strongly insist on Japan being exempt from customs duty measures," Muto said, adding, "We will immediately examine the details of the customs duties and their effects on domestic industry and work with the relevant ministries and agencies to take all necessary measures." When asked whether retaliatory measures would be taken against the US, Muto replied, "Honestly, that is a difficult question. We need to think carefully, bravely, and quickly about what would be the most effective. However, we want to make a calm decision."
"WE ARE SERIOUSLY CONCERNED"
Japan's Chief Cabinet Secretary Yoshimasa Hayashi expressed that they have "serious concerns" about the US's move to impose reciprocal customs duties. Hayashi called on the US administration to withdraw from the 24% customs duty imposed on Japanese products, warning that the tariffs could have "a significant negative impact on the global economy and the multilateral trading system."