The European Union is preparing countermeasures to US President Donald Trump’s announcement of 20% tariffs on imports from the bloc, which it called a “major blow to the world economy.”

European Commission President Ursula von der Leyen described U.S. Donald Trump's universal tariffs as a major blow to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed.

The European Union is preparing fresh countermeasures in response to President Trump’s reciprocal tariff announcement, which includes a 20% levy on products from the EU, a top official said Thursday.