France, April 3 -- The European Union is preparing a response to new import tariffs imposed by US President Donald, as French President Emmanuel Macron convenes leaders of the most hit sectors for a meeting later Thursday.

Calling the US tariffs a "major blow to the world economy", EU chief Ursula Von der Layen said Europe is "prepared to respond".

Trump on Wednesday - calling it "Liberation Day", because it was a "declaration of economic independence" -announced a ten percent minimum tariff on most goods entering the US, and a higher 20 percent rate for imports from the EU.

"We are already finalising the first package of countermeasures in response to tariffs on steel," she said in a statement read out on Thursday, referring to plans ...