European Commission President Ursula von der Leyen said early Friday that the European Union (EU) is ready to use its most powerful trade measures and may impose levies on US digital companies if negotiations with US President Donald Trump fail to end his tariff war against Europe, per Financial Times.
Key quotes
We are developing retaliatory measures.
There’s a wide range of countermeasures . . . in case the negotiations are not satisfactory.
An example is you could put a levy on the advertising revenues of digital services.
It’s a turning point with the United States without any question
We will never go back anymore to the status quo.
There are no winners in this, only losers.
Today we see the cost of chaos . . . the costs of the uncertainty that we are experiencing today will be heavy.
Market reaction
At the time of writing, the EUR/USD pair is trading 0.24% higher on the day to trade at 1.1230.
