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.
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