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German Finance Minister Joerg Kukies suggested the European Union might be in a better position if it talks with the US about potential trade tariffs instead of immediately imposing countermeasures.
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Bloomberg News
Francine Lacqua and Kamil Kowalcze
Published Jan 22, 2025 • 1 minute read
(Bloomberg) — German Finance Minister Joerg Kukies suggested the European Union might be in a better position if it talks with the US about potential trade tariffs instead of immediately imposing countermeasures.
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“I would say let’s talk before we think about retaliation,” Kukies said Wednesday in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland. “I wouldn’t want talk about retaliation if there is nothing yet to retaliate to and who knows, maybe the way I understood the president’s yesterday there is also scope for discussions.”
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US President Donald Trump has repeatedly called for the EU to buy more American oil and gas if the bloc wants to avoid tariffs. Brussels, as well as some Asian governments, are considering purchasing more energy from the world’s biggest producer of crude and exporter of liquefied natural gas. European Commission President Ursula von der Leyen floated the idea last year that imports from the US could replace the bloc’s consumption of Russian LNG.
“Germany is already importing very, very substantial amounts of oil and gas from the United States and for us the security of supply of the transition energy is extremely important,” he said. “No matter how policy is formed, it’s always in our interest to be close to our biggest ally and to strengthen the transatlantic relationship.”
Trump’s return to the White House comes at a difficult time for Europe’s largest economy, which shrank for a second consecutive year in 2024 and is unlikely to grow much in 2025. Sluggish demand in key industrial sectors, waning exports to China and high energy prices in the wake of Russia’s war against Ukraine hit the country hard.
—With assistance from Iain Rogers.
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English (US)