Ursula von der Leyen has defended the EU-U.S. tariff agreement, calling it a "conscious decision" that prevented a trade war, while responding to Mario Draghi's criticism of the EU's influence in global trade.
Ursula von der Leyen has reaffirmed that the tariff agreement between the EU and the US was a "conscious decision" that successfully avoided a trade war. The European Commission President addressed the issue in an article published on Sunday in several European newspapers, including Italy’s Il Sole 24 Ore and Germany’s Frankfurter Allgemeine Zeitung. Her comments were partly a response to criticism from former ECB chief and ex-Italian Prime Minister Mario Draghi, who had criticized the EU’s perceived "absence" on tariffs and trade wars in a speech on Friday.
In the article, von der Leyen argued, “Imagine if the two largest economies in the democratic world had failed to reach an agreement and started a trade war. This would have been celebrated only in Moscow and Beijing.” Regarding the 15% cap on US tariffs covering a range of products such as cars, pharmaceuticals, semiconductors, and timber, she described the agreement as "good, if not perfect." She reminded readers that tariffs are essentially taxes that burden both consumers and businesses, raising costs, reducing choice, and weakening the competitiveness of economies.
Von der Leyen also pointed out that the deal with the Trump administration provided Europe with other trade benefits. However, she emphasized that the EU is working to diversify its export markets. "We’ve recently concluded trade agreements with Mexico and Mercosur, strengthened relations with Switzerland and the UK, and completed talks with Indonesia. We aim to finalize a deal with India by year’s end," she wrote. In conclusion, von der Leyen called for a "strong and independent" Europe, urging the completion of the single market and bolstering competitiveness and sustainability.
Mario Draghi, meanwhile, had warned at the annual Rimini Meeting on Friday that "for years, the European Union believed that its economic size, with 450 million consumers, brought with it geopolitical power and influence in international trade relations. This year will be remembered as the year in which this illusion evaporated." Last year, Draghi presented a report outlining ideas to accelerate the EU’s economic growth, stressing the need for adaptation to ensure the bloc’s survival.
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