European Trade Commissioner Valdis Dombrovskis said on Friday that the latest calculations project that the United States gross domestic product (GDP) will lose between 0.8% and 1.4% by 2027 as a result of trade tariffs. Meanwhile, the European Union's GDP will shrink by 0.2%. If the measures are permanent or the trade war escalates further, the EU predicts the US economy will shrink by 3.1% to 3.3%, the Eurozone by 0.5% to 0.6% the world economy by 1.2% in three years, with global trade declining 7.7%.

Dombrovskis said the models did not take into account the loss of investor and business confidence in the US, which is likely to negatively impact the estimates. "Europe did not start this confrontation and Europe does not want this confrontation. Tariffs go against the political and economic logic of the deep and long-standing transatlantic trading partnership valued at €1.6 trillion in 2023," he stressed.