Europe is prepared to respond to potential US tariffs in a proportionate manner, EU Economy Commissioner Valdis Dombrovskis said in Davos, during the World Economic Forum. He stressed the EU's readiness to defend its economic interests and values if necessary, News.bg reports.
Since the beginning of his term, US President Donald Trump has confirmed his intention to impose tariffs on goods imported from the European Union, as well as an additional 10% tariff on imports from China, starting in February.
Strategic partnership and global implications
Dombrovskis noted the importance of cooperation between the US and the EU at both the economic and geopolitical levels. He warned that the disruption of trade relations could lead to global economic fragmentation, with a potential reduction in world GDP of up to 7%, according to IMF forecasts.
Negotiations between US and European officials continue, with the aim of finding a pragmatic solution to trade tariffs.
The economic balance between the EU and the US
According to the European Commission, the EU and the US have the largest bilateral trade and investment relations in the world. In 2023, the EU exported goods worth over €502 billion to the US, while imports amounted to €340 billion. This trade balance shows a surplus for the EU, although in services it is in deficit with the US.
It is a priority for the European Union to maintain these economic relations, which are key to global growth.