00:00EUROPEAN TRADE MINISTERS MET IN LUXEMBOURG TO WEIGH POSSIBLE STEPS IN RESPONSE TO GLOBAL
00:07TARIFFS IMPOSED BY U.S. PRESIDENT DONALD TRUMP.
00:11EUROPEAN COMMISSIONER FOR TRADE MARO SEFKOVIC SAID THE COMMISSION IS BEING CAREFUL IN PRIORITIZING
00:16NEGOTIATED SOLUTIONS.
00:19SEFKOVIC
00:47WASHINGTON DESCRIBED THE TARIFFS AS RECIPROCAL, BUT GERMAN MINISTER OF ECONOMIC AFFAIRS ROBERT
00:52HABECK DISMISSED THAT LOGIC.
00:54First, the calculations from my point of view are nonsense, even the basis of the calculation
01:00is nonsense. Yes, the assumption that a trade budget surplus or deficit is a problem in
01:07itself is a wrong estimation because in the end globalization serves all economies and
01:15especially the American economy has huge growth figures in GDP better than a lot of
01:22European countries.
01:23THE IMPACT FROM TRUMP'S TARIFF HIKES HAS REVERBERATED ACROSS WORLD MARKETS AS GLOBAL STOCKS PLUNGED
01:29ON MONDAY.
01:30THE EUROPEAN COMMISSION IS OFFERING THE U.S. A ZERO FOR ZERO DEAL TO REMOVE TARIFFS ON
01:35ALL INDUSTRIAL GOODS.
01:38TRUMP HAS SO FAR SAID HE WON'T BACK DOWN AND HAS REITERATED HIS DEFENSE OF THE STRATEGY.
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