Residents in Spain have condemned the latest U.S. tariffs policy on steel and aluminium imports as a "serious mistake," warning that it could trigger a damaging trade war and undermine global economic stability. U.S. President Donald Trump has launched series aggressive trade measures in pursuit of his so-called "America First" agenda since returning to office in January, and has even imposed tariffs on the European Union, who he accused of having "taken advantage" of the United States. The European Commission announced last Wednesday that the EU will impose counter-tariffs on 26 billion euros' worth of U.S. goods starting next month, in response to the blanket 25-percent tariffs imposed by the U.S. on steel and aluminum taking effect. Residents in the Spanish capital Madrid shared their concerns over the escalating trade tensions in on-street interviews with the China Global Television Network (CGTN). "Regarding tariffs, they always end up disadvantaging the consumers of the very country that imposes them. Negative effects are already visible in the stock market, etc. Both economically and socially, I personally see these measures with very little hope," said a local resident called Ignacio. Another local man named Juan Allende warned the U.S. has made a major mistake in enforcing the tariffs, and believe the market consequences could be dire. "My opinion is very negative. I think the Americans have made a serious mistake because they believed this would be a solution to their economic problems. But in the end, the markets have turned their backs on the policies of Trump, and I imagine the economy is now on the verge of recession," said Allende. Nicholas, another Madrid resident, emphasized the long-term implications, fearing it could take a long time for the EU and the U.S. to repair relations amid the current tensions. He also expressed hope for the EU to gain more autonomy in order to ride out the current challenge. "I believe this has been a monumental error. I think it will take a long time to rebuild that lost trust. In the end, all I can hold onto is some hope that the European Union will gain more autonomy, not just in defense, but also in trade. And I truly hope we can become more self-sufficient," he said. SHOTLIST: FILE: Madrid, Spain - May 17, 2018 1. Spanish national flag; FILE: Madrid, Spain - March 24, 2023 2. Pedestrians on street; Madrid, Spain - Recent 3. SOUNDBITE (Spanish) Ignacio, local resident (full name not given): "Regarding tariffs, they always end up disadvantaging the consumers of the very country that imposes them. Negative effects are already visible in the stock market, etc. Both economically and socially, I personally see these measures with very little hope."; FILE: Madrid, Spain - Feb 17, 2023 4. Street scene, pedestrians; Madrid, Spain - Recent 5. SOUNDBITE (Spanish) Juan Allende, local resident: "My opinion is very negative. I think the Americans have made a serious mistake because they believed this would be a solution to their economic problems. But in the end, the markets have turned their backs on the policies of Trump, and I imagine the economy is now on the verge of recession."; FILE: Madrid, Spain - Feb 17, 2023 6. Various of pedestrians, traffic; Madrid, Spain - Recent 7. SOUNDBITE (Spanish) Nicolas Llorens, local resident: "I believe this has been a monumental error. I think it will take a long time to rebuild that lost trust. In the end, all I can hold onto is some hope that the European Union will gain more autonomy, not just in defense, but also in trade. And I truly hope we can become more self-sufficient."; FILE: Washington D.C., USA - October 2024 8. White House; FILE: Denver, Colorado, USA - May 9, 2018 9. Various of aluminum coils. [Restrictions: No access Chinese mainland]