Vilnius, Feb 4 Lithuanian President Gitanas Nauseda said that trade wars rarely have winners, as the United States considers imposing tariffs on the European Union (EU).
"I don't know of any trade wars in history where one side wins and the other loses -- usually, both sides lose," Nauseda told Lithuanian broadcaster LRT while attending an informal EU leaders meeting in Brussels, Xinhua news agency reported.
He stressed the importance of EU-US economic ties, noting that any tariffs would have serious consequences. "The EU-US cooperation is one of the largest in terms of trade and investment. If tariffs are introduced, the EU would have to retaliate, leading to losses on both sides," he said. However, he suggested that the dispute could still be turned into a "positive discussion."
"If the automotive industry's competitiveness is at stake, we should explore sectoral free trade agreements," Nauseda said. He also urged the EU to propose ideas that US President Donald Trump might find "interesting, attractive, and worth considering" rather than focusing only on defensive measures.
On Saturday, Trump signed an executive order imposing a 10-per cent tariff increase on Chinese imports and a 25-per cent tariff on goods from Mexico and Canada, prompting widespread opposition and retaliatory measures. He also stated that tariffs on the EU were a future certainty.
The EU criticised Trump's decision on Sunday, warning that it would harm all parties involved, according to the Baltic News Service.
"The European Union (EU) regrets the US decision to impose tariffs on Canada, Mexico, and China," an EU spokesman was quoted by local media.
He highlighted the importance of "open markets and respect for international trade rules," saying they are essential for strong and sustainable economic growth. "Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides," he added.
Referring to potential US tariffs on EU products, the spokesman said "the EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods."
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor