The European Union will unveil countermeasures to U.S. President Donald Trump's latest tariffs if negotiations with the White House stall, European Commission President Ursula von der Leyen said on April 2, as leaders around the world responded to the new levies.

Trump on Wednesday unveiled a 10 percent minimum reciprocal tariff on most goods imported to the United States, while imposing a higher 20 percent levy on the European Union.

He said the tariffs were designed to help rebuild the U.S. economy and prevent cheating.

In a statement read out in Uzbek city Samarkand, von der Leyen said the newly unveiled tariffs were "a major blow to the world economy" that will have "immense consequences."

"The global economy will massively suffer," the EU chief said.

"Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe."

Inflation will also soar, and the most vulnerable citizens will likely be impacted, von der Leyen stated.

"I agree with President Trump, that others are taking unfair advantage of the current rules," she said. 

"And I am ready to support any efforts to make the global trading system fit for the realities of the global economy. But I also want to be clear: Reaching for tariffs as your first and last tool will not fix it."

"That is why, from the outset, we have always been ready to negotiate with the US, to remove any remaining barriers to Transatlantic trade," von der Leyen said. 

"At the same time, we are prepared to respond."

As The Epoch Times Katabella Roberts reports, Von der Leyen said the EU is finalizing a package of countermeasures in response to tariffs on steel, referencing the 26 billion euro (roughly $28 billion) package of tariffs the EU plans to impose on some American goods this month after Trump's U.S. steel and aluminum tariffs took effect on March 12.

"We are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail," the EU chief said.

Her comments come as Trump announced tariffs on nearly all U.S. trading partners, part of what he said are efforts to balance trade deficits.

The rates include a flat 10 percent baseline levy, along with additional individualized rates that Trump said are designed to match each nation's trade barriers on the United States. The tariffs are set to take effect at 12:01 a.m. on April 5.