00:00These tariffs come, first and foremost, at immense costs for U.S. consumers and businesses.
00:08But at the same time, they have a massive impact on the global economy, especially hard-hit
00:14are the developing countries.
00:17And this is a major turning point for the United States.
00:20Nonetheless, we stand ready to negotiate with the United States.
00:25Indeed, we have offered zero-for-zero tariffs for industrial goods, as we have successfully
00:30done with many other trading partners, because Europe is always ready for a good deal.
00:38So we keep it on the table.
00:40But we are also prepared to respond through countermeasures and defend our interests.
00:46And in addition, we will also protect ourselves against indirect effects through trade diversion.
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