Speaking to "Välisilm," Vseviov said Donald Trump's trade war must be taken seriously, while remaining calm in seeking alternative and reliable trade partners.

He said: "Europe is a serious force in trade. We will respond to what the U.S. has done. While the U.S. breaks the rules and imposes unfair tariffs on us, it is still in our interest to maintain a rules-based world. We can proceed calmly, as even American investors have shown what they think of these actions. The media worldwide has been reporting on stock market developments as their top story. We are deciding the EU's initial steps, but there are more options for EU measures."

"A big part of the world still wants to uphold agreements, and Europe has many opportunities here. If we act wisely and don't overreact, much of the world forced to turn away from the U.S. will need partners, and Europe can be that partner, offering a stable market and partnership," he added.

"It doesn't matter whether the aim is to gain a better position for future trade agreements or to turn a new page in American trade policy; this uncertainty disrupts the world that has existed until now. It is baffling that the U.S. is dismantling a system that it built post-World War Two, and from which it has benefited the most — look at where it stands today: the richest country, the largest economy," Vseviov continued.

Vseviov stressed that Europe has not "taken advantage of America," as Trump claimed, but has traded with it within agreed rules.

According to Vseviov, the tariff game can continue as long as one side has the means to keep going.

"Estonia and Europe have always believed in free trade. What we're seeing today is a deliberate policy moving in the opposite direction. Whether this causes harm, to whom, and by how much, remains to be seen, but money is cautious. This is reflected in the stock markets, not only in the U.S. but across the world. This is real people's real money, which is melting away like spring snow," Vseviov added.

"I think this is just the start. The more this world is shaken, the more pieces will fall off it," he concluded.

The S&P 500 index fell 0.2 percent Monday after a volatile trading day with some of the sharpest swings seen since the Covid pandemic.

Even some prominent business allies of President Trump have called the tariffs a mistake.

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