Washington DC – The European Union stands "ready" to defend its interests, the bloc's economy commissioner said Monday, after US President Donald Trump promised a policy of tariffs and taxes on other countries in his inaugural address.
"If there is a need to defend Europe's economic interests, we are ready to do so," Valdis Dombrovskis said when asked about the threat by Trump - who so far has stopped short of announcing immediate new tariffs on US trading partners.
A potential trade conflict would have a "substantial economic cost for everyone, including the United States," Dombrovskis added following a meeting of Finance Ministers in Brussels.
"If it becomes necessary to defend Europe's economic interests, we are prepared to do so, just as we did during the first Trump administration (2017-2021), when it introduced tariffs on steel and aluminium," he emphasised.
At the time, Europeans had responded "proportionately," noted the European Commissioner, with retaliatory tariffs on American products such as Harley-Davidson motorcycles and Bourbon whiskey.
In response to Donald Trump's threats, the European Union must also "work on strengthening the resilience of its economy," argued Valdis Dombrovskis, by "diversifying" its trade agreements globally.
Just before Donald Trump's inauguration, the EU announced on Friday the reinforcement of its trade partnership with Mexico. For more about the inauguration follow our live blog for updates.
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