The European Union (EU) has signaled its readiness to respond proportionally to any tariffs imposed by U.S. President Donald Trump. Valdis Dombrovskis, the EU's commissioner for the economy, emphasized the EU's commitment to defending both its economic interests and its values in the face of potential trade disputes. Dombrovskis stressed the importance of maintaining the strategic economic relationship between the U.S. and Europe, cautioning against global economic fragmentation that could result from trade tensions.
Europe will respond to any tariffs imposed by U.S. President Donald Trump in a proportionate way, the European Union 's commissioner for the economy told CNBC on Wednesday. 'If there is a need to defend our economic interests, we will be responding in a proportionate way,' Valdis Dombrovskis told CNBC's Steve Sedgwick on the sidelines of the World Economic Forum in Davos, Switzerland. 'We're ready to defend our values and also our interests and rights if that becomes necessary,' he added.
Since his inauguration on Monday, Trump has repeated his threat to impose tariffs on EU goods entering the United States, telling reporters that the EU was 'very, very bad to us. So they're going to be in for tariffs. It's the only way ... you're going to get fairness.' Dombrovskis said the U.S. and Europe were strategic allies, and it is important for them to work together, both geopolitically and economically. European officials were talking to their U.S. counterparts to find a 'pragmatic' solution to the discussion of tariffs, he said, noting that global growth could suffer if the economic relationship between the two nations were damaged. 'It's important to maintain this trade and investment relationship because of this global economic fragmentation would set in, and there is a real risk of this happening, and the IMF estimates that it would mean a reduction of the world GDP by up to 7%,' Dombrovskis said. The EU is keen to hold on to its economic ties with the U.S., noting that they have the largest bilateral trade and investment relationship and 'enjoy the most integrated economic relationship in the world,'has been a particular bugbear for President Trump, with the EU having a trade goods surplus with the U.S. in 2023, but a deficit in services over the same period. In 2023, the EU exported more than 502 billion euros' worth ($522 billion) of goods to the U.S., while importing volumes in excess of 340 billion euros, resulting in a surplus, according to data from the European Commission
Tariffs Donald Trump European Union Trade War Geopolitics
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Jr. Visits Greenland, Trump Vows to Treat Its Residents 'Well'Donald Trump Jr. visited Greenland, while President-elect Trump promised to treat its residents 'well'. Trump Jr. is a prominent figure in his father's political movement and has worked on his presidential transition team. Trump Jr.'s trip was for video content for a podcast.
Read more »
TikTok Ban Live Updates: CEO Attends Trump’s Inauguration—After Trump Vows To ‘Save’ AppThe app’s availability in the U.S. has been thrown into jeopardy over data privacy and national security concerns.
Read more »
Europe ready to respond 'in a proportionate way' as Trump touts tariffs, top EU official saysEurope will respond to any tariffs imposed by President Donald Trump in a proportionate way, the European Union's commissioner for the economy told CNBC Wednesday.
Read more »
Trump Vows to Build 'Great Iron Dome' Missile Defense System for USPresident-elect Donald Trump promises to construct a US-made Iron Dome missile defense system, echoing Israel's successful program.
Read more »
Trump Vows to End 'Transgender Lunacy' on Day OnePresident-elect Donald Trump has pledged to immediately halt what he calls 'transgender lunacy' and implement a policy recognizing only two genders, male and female. He plans to issue executive orders to end child gender-affirming care, remove transgender individuals from the military and schools, and prevent men from participating in women's sports.
Read more »
Trump Vows to Eradicate 'Transgender Insanity' and 'Wokeness' from SchoolsIn a fiery speech at a Turning Point USA event, President-elect Donald Trump condemned 'transgender insanity' and 'wokeness,' pledging to remove these elements from school curricula. He also attacked critical race theory and promised to fight for religious liberty, free speech, and gun rights.
Read more »