The former Italian Prime Minister says Trump’s tariff is “sincere madness”

The commercial definitions called by US President Donald Trump are “pure madness and madness”, according to the former Italian Prime Minister and Dean of the IE ENRICO Letta, who called mutual fees “incomprehensible”.

Speaking to CNBC Silvia Amaro on Lake Como at the Ambrosetti Forum on Friday, he said that Trump is taking advantage of retail within the European Union, adding that it is very important for the bloc to meet.

He also warned that the American duties – which he described as a “crazy front attack on the world” – would be painful for economies and individuals within the United States, as well as nations targeted by definitions. He acknowledged that there may be reprisals to protect the European economy, but he warned, “If the reaction to Trump is to close Europe in a castle, this reaction will be worse.”

CNBC communicated with the White House to comment and wait for a response.

His comments widely echoed the feelings of other European officials, after the bloc was hit by 20 % of mutual definitions on imports of Ursula von der President in the European Union in the United States, if negotiations with Washington fail. France and Germany called for a coordinated response, as German Economy Minister Robert Habik Trump said “will do Trump”.Coat under pressure“

“This pressure must now be revealed, from Germany, from Europe in alliance with other countries, after which we will see who is stronger in this arm’s wrestling.”

European economic growth can be exposed to wide pressure in the wake of definitions, which may cause local producers to reduce prices to defend their market share of exports. Deutsche Bank calculated the strike to the GDP of the euro area of ​​the definitions will be about 0.4-0.8 percentage points, larger than the previous 0.3-0 0.3-0.4PP forecast in the GDP 2025-2026.

The Investment Bank stated that this “is widely equivalent to the economic stagnation until mid -2015”, while allowing that “the growth expectations in the euro zone of +1.0 % can remain widely valid on the benefits of the initial growth of defense/infrastructure spending” that the principle of handover Europe began.