Scholz called Trump's announced import duties a mistake

The import duties announced by US President Donald Trump are a mistake. This was announced on April 3 by German Chancellor Olaf Scholz at a joint press conference with Jordan's King Abdullah II in Berlin.

He stressed that the current trading system is an achievement of the United States that has contributed to global prosperity.

"We want cooperation, not confrontation, and we will protect our interests. Europe will respond to this decision with unity, strength and proportion," Scholz said.

The Chancellor also noted that the European Union (EU) represents the most powerful domestic market in the world with 450 million consumers, which gives it the opportunity to negotiate with the US government to prevent a trade war.

In addition, Joachim Nagel, president of the Bundesbank and member of the Governing Council of the European Central Bank (ECB), pointed out that Trump's decision to impose duties on major trading partners could threaten global financial stability.

"Global economic growth will decrease. Prices will rise," Bloomberg reports Nagel's words.

He also noted that the new package of duties casts doubt on the ECB's achievements in combating inflation and poses a threat to the global economy.

Trade Warrior: How new US duties will affect the global economy

Donald Trump announced the introduction of fees for all products supplied to the United States.

On April 2, Trump announced large-scale measures: base tariffs of 10% are being introduced for all products supplied to the United States. For the EU, this figure has been raised to 20%, and for China — to 34%. In his speech, the president called April 2 the day when Americans will become rich again.