00:02Buongiorno. President Trump's announcement of universal tariffs on the whole world,
00:12including the European Union, is a major blow to the world economy. I deeply regret this choice.
00:20Let's be clear-eyed about the immense consequences. The global economy will massively suffer.
00:29Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be
00:36dire for millions of people around the globe, also for the most vulnerable countries,
00:43which are now subject to some of the highest U.S. tariffs, the opposite of what we wanted to achieve.
00:52The tariffs will also hurt consumers around the world. It will be felt immediately.
00:59Millions of citizens will face higher grocery bills. Medication will cost more, as well as
01:06transportation. Inflation will go up. And this is hurting in particular the most vulnerable citizens.
01:15All businesses, big and small, will suffer from day one. From great uncertainty, to the disruption of
01:24supply chains, to burdensome bureaucracy, the costs of doing business with the United States will
01:33drastically increase. And what is more, there seems to be no order in the disorder. No clear path to the
01:44complexity and chaos that is being created, as all U.S. trading partners are hit.
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