Spanish Prime Minister Pedro Sánchez cautions against a trade war with the United States, emphasizing the detrimental effects on both economies. He stresses the importance of a strong transatlantic relationship and urges focus on strengthening ties.
Spain's Prime Minister Pedro Sánchez emphasized the importance of a strong transatlantic relationship and stressed that a trade war would be detrimental to both the European Union and the United States. He made these remarks during an interview with CNBC at the World Economic Forum in Davos, Switzerland. Sánchez underscored the intricate economic ties between the two regions, stating that a trade war would result in a zero-sum gain for neither party.
He urged a focus on strengthening the transatlantic partnership, emphasizing its heightened significance in the current global landscape. Sánchez's comments come amidst heightened trade tensions as US President Donald Trump has repeatedly threatened to impose tariffs on EU goods entering the United States. Trump has accused the EU of unfair trade practices and has vowed to pursue tariffs as a means of achieving fairness. Furthermore, he has warned that Mexico and Canada could also face import duties. In response to these threats, Valdis Dombrovskis, the European Union's commissioner for the economy, stated that the bloc would respond proportionally to any tariffs imposed by the United States. Dombrovskis emphasized the EU's readiness to defend its economic interests, values, and rights if necessary. He highlighted ongoing discussions between European and US officials to find a pragmatic solution to the tariff issue, stressing the potential global economic repercussions of damaging the economic relationship between the two nations. Beyond the trade imbalance, another point of contention between the EU and the US is defense spending. While Spain has increased its defense expenditure by 70% over the past decade, it still falls short of the 2% of GDP target recommended by NATO. Sánchez defended Spain's record, stating that the country is committed to meeting the 2% goal.
TRADE WAR EUROPEAN UNION UNITED STATES TARIFFS TRANSATLANTIC RELATIONS
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Spain's PM Warns Against Trade War With USSpanish Prime Minister Pedro Sanchez warns against a trade war with the US, stressing the importance of the transatlantic relationship and emphasizing the potential negative impact on global growth. He highlights the interconnectedness of both economies and calls for a 'pragmatic' solution to avoid escalating tensions. His comments come amid President Trump's threats to impose tariffs on EU goods and ongoing discussions about trade imbalances and defense spending.
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