FAMAGUSTA GAZETTE – Finance Minister Makis Keravnos expressed concern over the global trade war, calling developments with U.S. tariff policies “very worrying.”
Speaking on CyBC, Keravnos highlighted the uncertainty caused by the dismantling of international trade rules.
While Cyprus has limited economic ties with the U.S., Keravnos warned of significant impacts on the European Union economy, particularly in tourism and services, which could affect Cyprus.
He assured that the government is proactively evaluating developments and has prepared a special report to be discussed at a Ministry of Finance meeting today.
“There should be neither panic nor respite,” Keravnos emphasized, urging a balanced approach to the challenges ahead.
Earlier, European Commission (EC) President Ursula von der Leyen expressed deep regret over the U.S. move to impose universal tariffs on the whole world, warning that the impact could be devastating.
In a statement responding to the U.S. move, von der Leyen said that U.S. President Donald Trump’s announcement of universal tariffs on the whole world, including the European Union (EU), is a major blow to the world economy.
“The global economy will massively suffer,” she said. “Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe.”