European leaders are meeting to discuss defense spending, but the shadow of US President Donald Trump's recent tariff announcements on Mexico, Canada, and China looms large. While European goods are spared for now, officials fear they could be next, given Trump's past criticism of European trade practices. The EU is considering increasing energy purchases from the US as a way to mitigate trade tensions.
European leaders are gathering to discuss defense — but the latest moves by U.S. President Donald Trump will loom large over the meeting.
"I can tell you that, because they've really taken advantage of us. And, you know, we have over a $300 billion deficit. I wouldn't say there's a timeline but it's going to be pretty soon," he added.While the EU sells mostly cars and pharmaceutical products to the U.S., it imports mostly oil and natural gas from the U.S.There's a consensus in the European Union that one way to mitigate trade tensions with the U.S. will be by increasing energy purchases.
"I don't expect a specific discussion on tariffs but the issue is likely to be raised by some leaders," the official told CNBC Sunday.In the meantime, the EU has been preparing for potential tariffs from the United States and has vowed a"firm" response to any new duties.
TRUMP TARIFFS EUROPEAN UNION UNITED STATES TRADE WAR DEFENSE SPENDING
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