The need for protection policies for European companies emerges against the U.S. policy of prioritizing one’s own country.
[미디어펜=박재훈 기자]With the launch of Trump’s second term, economic groups in major European countries have begun to seek solutions.
According to French business magazine La Tribune and the American New York Times, French, German, and Italian business leaders held a trilateral economic forum in Paris on the 22nd (local time).
The forum was held to forecast the European economic crisis and prepare countermeasures in preparation for Trump’s return to power in January next year amid the European economic downturn.
Since 2018, the Trump administration has imposed high tariffs on steel and aluminum products from foreign countries, including those from the European Union (EU). In response, the EU imposed retaliatory tariffs on some American products, creating a trade dispute between the two sides.
President-elect Trump also announced during this campaign that he would impose a universal tariff of up to 20% on all imported products. He also predicted that he would impose extensive tariffs on European car manufacturers if he takes power.
Considering Trump’s actions, there are concerns that the trade relationship between the two sides may begin to deteriorate again with the start of the second administration.
Patrick Martin, president of France’s largest economic group, the Federation of Economists (Medef), warned at the forum that “a new American president who is suspicious and skeptical about Europe is taking power, and Europe needs to recognize the risk of economic collapse.”
In a joint statement released after the forum, economic groups said, “January 20 next year will be a turning point when a new U.S. president takes office,” and “the next two months will be important for Europe to reach a turning point in innovation, investment, and security.” “He urged preparedness.”
Additionally, business groups called for quick action from the newly launched European Commission next month. The EU must also implement policies to protect European companies in line with the U.S.’s protectionist trade.
This includes increasing EU-wide investment in fields such as national defense, technology, and eco-friendly energy, and easing various regulations that discourage business activities. A plan was also proposed to link the trading bloc with a common debt and single capital market.
“Confining companies to strict regulations means reducing opportunities for international competition,” Martin said, complaining that “the previous European Commission did not sufficiently take into account the opinions of employers.”
Key government officials from the EU and three countries also attended the event. European Parliament President Roberta Mezzola warned of the risk of a transatlantic trade war, saying, “There is an instinct for increased protectionism and I fear this will become a race to the bottom.”
French Prime Minister Michel Barnier sympathized with the European economic crisis and said, “Europe needs to wake up and we were quite naive,” and added, “Now we must shout ‘Europe first’.”
Italian Foreign Minister Antonio Tayani said he plans to visit Washington after President-elect Trump takes office to avoid a trade war that could hurt Italian companies.
Meanwhile, concerns were expressed at the forum about the potential impact of the trade dispute between the United States and China, two major economic powers, on Europe.
“We are more concerned about the massive tariffs that the United States is planning to impose on China,” said Christian Diemer, head of the trade group at the Confederation of German Industry.
[미디어펜=박재훈 기자] ▶View other articles
How would a potential return of Donald Trump’s “America First” agenda specifically impact trade relations between the US and the EU, and what sectors within the European economy are most vulnerable?
## World-Today-News Exclusive: European Economy Braces for Trump’s Return
**Introduction**
Welcome to World-Today-News, where we delve into the critical issues shaping our global landscape. Today, we’re discussing the repercussions of a potential second Trump administration on the European economy, with experts weighing in on the challenges and opportunities ahead.
Joining us are **Dr. Anna Schmidt**, a leading international trade economist at the University of Heidelberg, and **Mr. Jean-Pierre Dubois**, a senior policy analyst specializing in EU-US relations at the Brussels-based think tank, Euroatlantic Institute.
**Section 1: The American Shift and European Concerns**
* **Host:** Dr. Schmidt, the article highlights growing apprehension among European business leaders regarding President-Elect Trump’s trade policies. How significant a departure is his “America First” agenda from previous US administrations in terms of its impact on Europe?
* **Dr. Schmidt:**
* **Host:** Mr. Dubois, the article mentions retaliatory tariffs imposed by the EU in response to US actions. In your view, how effective have these measures been in mitigating the harm done to European businesses?
* **Mr. Dubois:**
* **Host:** Dr. Schmidt, the article quotes Patrick Martin, president of Medef, warning of Europe facing economic collapse. Do you think this is an exaggeration, or are there legitimate grounds for such fear?
* **Dr. Schmidt:**
**Section 2: European Response and Internal Dynamics**
* **Host:** Mr. Dubois, the article highlights calls for a more assertive European stance to protect its companies. What concrete steps can the EU realistically take to counter potential US protectionism?
* **Mr. Dubois:**
* **Host:** Dr. Schmidt, the article suggests increasing investment in areas like defense, technology, and green energy. How can Europe balance these strategic investments with concerns about driving up costs for businesses?
* **Dr. Schmidt:**
* **Host:** Mr. Dubois, the article mentions the importance of a unified European front. How can the EU ensure all member states are on board with policies designed to address this challenge?
* **Mr. Dubois:**
**Section 3: Global Impact and Looking Ahead**
* **Host:** Dr. Schmidt, the article touches upon the US-China trade tension and its potential impact on Europe. How interconnected are these three economic powerhouses, and how might a global trade war affect European stability?
* **Dr. Schmidt:**
* **Host:** Mr. Dubois, looking ahead, do you foresee any potential areas of cooperation between the US and Europe, despite the existing tensions? What could facilitate a more constructive transatlantic relationship?
* **Mr. Dubois:**
* **Host:** Thank you both for sharing your valuable insights with us. This conversation underscores the complexities and potential consequences of the shifting global economic landscape. We must continue to examine these issues critically and proactively seek solutions that promote stability and prosperity for all.
**Closing Remarks**
We encourage our viewers to engage in the discussion. Share your thoughts and perspectives on these critical issues. As the global economy evolves, informed dialog and collaboration become even more essential.
