Additional US tariffs on steel and aluminium are a lose-lose for both sides of the Atlantic, says Europe’s business community.
So says BusinessEurope Director General Markus J. Beyrer.
His organisation is the representative body for the business community at the EU level.
He was reacting to President Trump’s recent announcements on tariffs.
Beyrer said, “It is in our joint interest to reduce the costs of trading and investing across the Atlantic to support investments and jobs in both Europe and the US. This is why imposing tariffs is a lose-lose scenario for both sides.”
“Europe must now assess the consequences of these actions and be unified in its response. The key priority for the EU is to safeguard its interests, with the ultimate objective of finding a negotiated solution.”
“It is also essential that the EU diversifies its import and export markets to mitigate risks and become more resilient. Both the Mercosur and Mexico Agreements are good examples of this, and we must all take responsibility and work towards their swift ratification. At a time of such geopolitical uncertainty, the EU needs to urgently strengthen its economy and competitiveness to protect itself from economic coercion.”
Meanwhile, competitiveness will take centre-stage when EU leaders converge on Brussels for a key summit later this month.
Leaders will also address recent developments in Ukraine and the next steps on defence following the presentation of the White Paper on the Future of European Defence.
They may also hear from President Zelenskyy on latest moves to end the conflict in his country.
They will also hold a working lunch with UN Secretary-General António Guterres.
Speaking ahead of the summit, EU council president Antonio Costa said, “Our continued support to Ukraine, the need to invest in our defence and our competitiveness are closely interlinked.
“A more competitive Union will be a stronger Union, better able to protect its citizens, its interests and its values on the global stage.”
He says he had identified three priority areas for the competitiveness debate “on which we should now decisively move forward.”
They are: simplification, energy, and the Savings and Investments Union.
“Of course,” adds Costa, “building our competitiveness requires advancing also in other areas, including improving the Single Market, fostering talent and skills, and working on our industrial policy.”
“We will specifically address the Action Plans for the automotive, and the steel and metal sectors.”
EU leaders will, at the same time, also hold a first exchange of views on the next Multiannual Financial Framework (MFF) and new own resources.
Costa adds, “We need an overarching approach to expenditure and revenue. Given the challenges that we face, it is important that we all approach this debate with an open mind and in a spirit of collective responsibility.”
“My objective is that this input can be taken into account by the Commission ahead of its proposals for the MFF package, expected before the summer.”
He says other important topics will be on the agenda for the 21 March summit, including migration “which remains a key priority for us.”
He adds, “We will review the ongoing progress, such as on returns and discuss the latest developments in the Middle East.”
In the meeting with Guterres,leaders will address multilateralism and other global issues, in particular preparations for the Third UN Ocean Conference and the Fourth International Conference on Financing for Development.
President Christine Lagarde of the European Central Bank and Eurogroup President Paschal Donohoe will join the discussions on economic issues.
