Published by Global Banking & Finance Review®
Posted on February 3, 2025
4 min readLast updated: January 26, 2026
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European leaders react to Trump's tariffs on Mexico, Canada, and China, emphasizing cooperation and warning of economic impacts.
(Reuters) -European leaders were bracing for U.S. tariffs after sweeping levies imposed by U.S. President Donald Trump, affecting billions of dollars in trade between Mexico, China and Canada, roiled global markets and currencies.
Here are some responses to the tariffs out of Europe:
BRITAIN
Britain has a "fair and balanced" trading relationship with the United States that benefited both sides, a government spokesperson said on Monday, after President Donald Trump hinted tariffs could be "worked out" between the two countries.
"The U.S. is an indispensable ally and one of our closest trading partners," the spokesperson said.
Prime Minister Keir Starmer told reporters over the weekend that his early talks with Trump had focused on building on strong trade relations.
GERMANY
The European Union was strong enough to react to any U.S. tariffs but "the goal should be that things result in cooperation," German Chancellor Olaf Scholz said ahead of an informal EU leaders meeting in Brussels.
Conservative opposition leader and chancellor hopeful Friedrich Merz said that Trump would realise the tariffs he imposes "will not have to be paid by those who import into America. Instead, they will have to be paid for by consumers in America."
FINLAND
Finland's Prime Minister Petteri Orpo said Europe should negotiate with Trump on trade.
"The most important issue that we all need to understand is that Russia is a threat, a real threat, this is not an opinion this is a fact," he said.
POLAND
"It is worth doing everything possible to ensure that in the face of a Russian threat or Chinese expansion, we do not fight between allies," Polish Prime Minister Donald Tusk said.
EUROPEAN UNION
EU foreign policy chief Kaja Kallas said if the U.S. and Europe started a trade war "then the one laughing on the side is China."
"We are very interlinked. We need America, and America needs us as well," she said.
FRANCE
If Europe is attacked on commercial interests, it will have to make itself respected, French President Emmanuel Macron said ahead of an informal EU defence meeting in Brussels.
Trump's recent statement were pushing "the EU to be more united and more active to respond to issues of collective security," he said.
SPAIN
The European Union must remain united to respond to Trump's threats to levy tariffs on its products, Spanish Economy Minister Carlos Cuerpo said.
The bloc should protect its companies and make sure they were in a position to compete on equal terms with rivals from other countries, Cuerpo told Spanish radio station RNE.
PORTUGAL
Prime Minister Luis Montenegro said he believed the tariffs would not benefit the U.S. economy.
"The United States is a first-class partner with the European Union," Montenegro said, adding that political dialogue would promote conditions for good growth in both the U.S. and Europe.
EUROPEAN CENTRAL BANK POLICYMAKER SIMKUS
ECB policymaker Gediminas Simkus, who is the Lithuanian central bank governor, warned that the tariffs were not good news for the economy or inflation but declined to speculate on the impact.
FRENCH CENTRAL BANK GOVERNOR
Trade tariffs imposed by Trump "will increase economic uncertainty," French central bank governor and ECB policymaker Francois Villeroy de Galhau told France Info, adding they would likely impact the autos sector especially.
Villeroy urged caution on any retaliatory measures, saying it was key to "make our economy stronger."
LUXEMBOURG
The answer to trade tariffs is to respond with the same measures, Luxembourg Prime Minister Luc Frieden said at an informal EU defence retreat in Brussels.
"I think tariffs are always bad. Tariffs are bad for trade. Tariffs are bad for the United States", he said.
(Writing by Bernadette Baum; Editing by Toby Chopra, Alex Richardson)
Britain has a 'fair and balanced' trading relationship with the United States that benefited both sides, according to a government spokesperson.
Scholz stated that the European Union was strong enough to react to any U.S. tariffs, emphasizing the importance of cooperation.
Macron indicated that if Europe is attacked on commercial interests, it must ensure it is respected and become more united in response.
Gediminas Simkus warned that the tariffs were not good news for the economy or inflation but did not speculate on their impact.
Frieden remarked that tariffs are always bad for trade and detrimental to the United States, suggesting a need for a measured response.
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