202411.25
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Trade Ministers Discuss Potential Trade Tensions in Europe

by in Business, Economy, Tax

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Europeans fear that a volatile trade environment will emerge in the United States after Donald Trump’s re-election. They are not ruling out protectionism and higher prices for European products. The EU is ready to work with Washington. The bloc sought to demonstrate this unity at a meeting of trade ministers in Brussels on Thursday.

European Commission Vice-President Valdis Dombrovskis said ministers agreed to work actively with the new US administration on transatlantic trade and investment relations.

The United States is one of the EU’s largest trading partners. In 2021, transatlantic trade reached an all-time high of 1.2 trillion euros. Ministers say the delay will not be beneficial for either side.

The Dutch Minister of Foreign Trade and Development, Reinet Klever, says that no one wants a trade war. They have a positive attitude towards the United States. Both sides benefit. Reinet Klever adds that the transatlantic relationship is very important for both the EU and the US.

During the election campaign, Trump promised to impose a 10-cent tariff on EU exports. He also threatened the bloc with a high price if they did not buy American products.