Trump’s Tariffs Hit Bulgarian Garment Industry Hard
Bulgarian garment companies are struggling to find new markets due to the recent increase in tariffs on industrial goods under Donald Trump’s administration
European Commission President Ursula von der Leyen has expressed support for U.S. President Donald Trump's decision to pause reciprocal tariffs on more than 75 countries, calling it an important step toward stabilizing the global economy amid rising tensions between the U.S. and China. She praised the move, stating that clear and predictable trade conditions are crucial for businesses and supply chains. Von der Leyen emphasized that tariffs act as a tax that negatively impacts both businesses and consumers, reinforcing her long-standing advocacy for a "zero-for-zero" tariff agreement between the EU and the U.S.
She also reiterated the EU's commitment to open, fair trade, underscoring the importance of constructive negotiations with the U.S. to create a mutually beneficial trade relationship. Von der Leyen highlighted the EU's broader strategy of diversifying trade partnerships, particularly with countries that account for a significant portion of global trade. Furthermore, she emphasized the EU's ongoing efforts to reduce barriers within its own single market, which she described as a key pillar of stability and resilience in uncertain times.
Her comments came amid escalating trade tensions between the U.S. and China. On Wednesday, President Trump announced a sharp increase in tariffs on Chinese goods, raising them to 125%. In retaliation, China raised its own tariffs on U.S. imports from 34% to 84%, effective April 10. Simultaneously, Trump authorized a 90-day pause on reciprocal tariffs for over 75 countries currently in trade discussions with the U.S., including India. These countries have largely refrained from retaliating against U.S. trade policies and are seeking dialogue with various U.S. departments.
Trump explained the tariff hike on China as a response to Beijing's disrespect for global markets, stating that it was necessary to raise tariffs to 125%. However, the pause on reciprocal tariffs for other nations would be set at 10%, offering a temporary relief in ongoing trade talks.
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