U.S. President Donald Trump delivers remarks on AI infrastructure at the Roosevelt room at White House in Washington, U.S., January 21, 2025.
Carlos Barria | Reuters
Politicians from around the world gathered for the second day of the World Economic Forum in Davos, Switzerland on Wednesday, and there was one name on everyone’s lips: Donald Trump.
Inaugurated on Monday as president of the United States, Trump’s proposed tariffs on Europe were a particularly hot topic.
Speaking to CNBC, here’s what European policymakers had to say about what four more years of Trump could mean for America’s relationship with Europe.
Pedro Sanchez, prime minister, Spain
“We share a strong transatlantic bond … our economies are very interlinked and I believe a trade war is not in the interest [of either party], neither for the U.S., neither for the European Union,” Sanchez told CNBC’s Steve Sedgwick on the sidelines of the event.
“A trade war is a kind of a zero-sum game. We need to focus on how we strengthen our transatlantic relationship, which is now more important than ever.”
Christine Lagarde, president, European Central Bank
Lagarde welcomed the fact that Trump did not enforce blanket tariffs on the EU on his first day in office.
“I think it’s a very smart approach to the matter of trade, because blanket tariffs are not necessarily giving you the results that you expect. I’m not sure exactly what result is expected, whether it’s a transactional tool, whether it’s going to be a pure trade tool, but I’m not really surprised,” she told CNBC’s Karen Tso.
“It doesn’t mean to say that it will not happen. I think that it will be a more selective, focused development that we will see in the next few days or weeks. But I think what we need to do here in Europe is to be prepared and anticipate what will happen in order to respond.”
Alexander Stubb, president, Finland
“I take comfort in the fact that President Trump wants the United States to remain a superpower, and for that you need allies — and I think those allies come from Europe. So though it is America first, perhaps it should be Europe second, which is fine,” Stubb told CNBC’s Dan Murphy.
“I also take comfort in the fact that he’s a man of peace. [He] just forged peace in the Middle East and I think he’s going to try to do the same thing in Ukraine. Then there are, of course, things that I find problematic, such as trade tariffs, but we’ll see how we deal with that.”
Laurent Saint-Martin, minister delegate for foreign trade, France
Regarding the impact of tariffs, Saint-Martin said: “For now, there are no new tariffs, so we’ll see.”
“We know Donald Trump, during his first [term], President Emmanuel Macron worked with him closely, he’s still an ally. Europe and the U.S. are friends, but we have to be realistic and pragmatic — if there are new tariffs we will have to respond,” he added.
“I think Trump’s election can be a real opportunity for us … but if tomorrow there was new tariffs, if there was some countries, say the U.S. or China, who didn’t want to play by the rules anymore, then we will have to adapt. We cannot be the last continent in the world to follow rules that no one follows.”
Wopke Hoekstra, European commissioner for climate, net zero and clean growth
Hoekstra said the U.S. “will be missed” after Trump withdrew the U.S. from the Paris Agreement — the U.N.’s landmark deal aimed at curtailing global warming.
“It is unfortunate. Not completely unexpected but it is unfortunate … given the pivotal role the U.S. is playing at a global stage,” he said. “It is the largest economy, it is the most dominant power, it is the second-largest emitter. So, losing them in the cycles of international diplomacy as far as climate is related, is unfortunate,” he said.
Valdis Dombrovskis, EU commissioner for the economy
“If there is a need to defend our economic interests, we will be responding in a proportionate way,” Dombrovskis told CNBC’s Steve Sedgwick. “We’re ready to defend our values and also our interests and rights if that becomes necessary.”
Elisabeth Svantesson, finance minister, Sweden
“There has been a lot of focus on the tariffs. Tariffs are bad if they get higher … but what we do, we have to do together,” she said. “Sweden is very dependent on exports. So, of course, if more and more countries [impose] more protectionism, it’s bad for us — but it’s also bad for the global economy. It’s not so good for the U.S. if they have high tariffs when it comes to Canada, for example, or Europe.”
On defense spending, Svantesson added: “We have to do more in Europe. When it comes to Ukraine, it’s an existential question. So, I hope that America won’t [pull] back, but if they do, we have to be strong.”
Andrii Yermak, Head of the Office for the President of Ukraine
“I believe in America. I believe in the American people. President Trump is elected American President. He is a guarantor of democracy, and [America is] the biggest democracy in the world,” Yermak told CNBC’s Steve Sedgwick, when asked about Trump’s desire to end the war between Ukraine and Russia.
“I don’t believe an American president would be a supporter of autocracy and not democracy. We want to work with President Trump and his administration,” he added. “I’m sure we’ll find real solutions and decide together how to [make] these solutions a reality.”
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