Published by Global Banking & Finance Review®
Posted on April 8, 2025
2 min readLast updated: January 24, 2026
Finnish Foreign Minister Elina Valtonen supports zero tariffs between Europe and the US, aligning with EU proposals to prevent recession and boost economic growth.
STOCKHOLM (Reuters) - Europe and the United States should have zero tariffs between them and Europe should aim for that in ongoing negotiations with the U.S., Finnish Foreign Minister Elina Valtonen said on Tuesday, in line with a proposal by the European Commission.
"Engaging in a global trade war is the surest way to achieve a global recession," Valtonen told a joint press conference with her Swedish counterpart in Stockholm.
"But of course the European Union now has to react to what the U.S. has put forward," she added.
White House trade adviser Peter Navarro said on Monday that the EU would need to lower its non-tariff barriers, including those created by value-added taxes, if it wanted to reach a deal to lower U.S. tariffs imposed by President Donald Trump.
Sweden and Finland, who have long cooperated closely on defence, both joined NATO in the wake of Russia's invasion of Ukraine and have pushed for a hard line on Moscow ever since, while also rapidly ramping up defence spending.
The two Nordic countries have also been among the biggest contributors of military aid to Ukraine, with Sweden announcing its 19th and biggest package of spending on support for Ukraine last week.
Swedish Foreign Minister Maria Malmer Stenergard noted that economic growth would increase the possibilities to invest in the military and to support Ukraine.
"If we impose more tariffs and barriers that lead to less economic growth or recession, then there will be less money to spend on these crucial things," Stenergard said.
(Reporting by Niklas Pollard, editing by Louise Rasmussen, Terje Solsvik and Alex Richardson)
The main topic is the proposal for zero tariffs between Europe and the US to boost economic growth and prevent recession.
Zero tariffs are important to prevent a global trade war, which could lead to a recession and hinder economic growth.
Increased economic growth from zero tariffs could provide more funds for military spending and aid to Ukraine.
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