The European Union has said that it’s preparing counter measures in response to new tariffs imposed by U.S. President Donald Trump but remained opened to negotiations.

European Commission President, Ursula von der Leyen, said this on Thursday.

Speaking on the sidelines of a summit with Central Asian leaders in Uzbekistan, she called Trump’s move a “major blow to businesses and consumers worldwide.’’

She added that Europe was ready to respond and protect its interests.

She added that the tariffs will lead to millions of citizens facing higher grocery, medication and transportation costs, while inflation would rise and hurt the most vulnerable citizens.

The EU is already finalising its first package of retaliatory measures and is now preparing additional steps to protect its businesses if talks with the U.S. fail, von der Leyen said.

Von der Leyen urged EU citizens not to lose faith, reassuring them that Europe was equipped to weather the storm.

She had also announced talks with the automotive and pharmaceutical sectors, hit hardest by the tariffs.

Trump on Wednesday announced new blanket tariffs of 10 per cent on most imports to the U.S., with higher penalties based on trade deficits for many countries.

According to Trump, imports from the EU will face new tariffs of 20 per cent. (Dpa/NAN)