EU trade ministers agreed Monday that U.S. President Donald Trump's announcement of 30% tariffs on the European Union was “absolutely unacceptable," and they are studying a new set of countermeasures to respond to the move.

The ministers met in Brussels following President Trump’s announcement of such hefty tariffs, which could have repercussions for governments, companies, and consumers on both sides of the Atlantic.

President Prabowo Subianto stated that all trade tariffs between Indonesia and the European Union will be reduced to zero percent after both parties agreed on CEPA.