Ursula von der Leyen is trying to ensure that if the international trading system is remade, the E.U. is at the center of what comes next.According to The New York Times, President Trump has set his sights on overhauling the global trading system and is using tariffs as a tool to dismantle and rebuild it. However, the European Union is taking proactive measures to ensure that the continent remains at the forefront of the new world order.
As one of the largest and most open economies in the world, the E.U. has a lot at stake as the rules of trade undergo a major transformation. Its companies rely on exporting goods such as cars, pharmaceuticals, and machinery, while its consumers benefit from American search engines and foreign fuels.
Recognizing the high stakes, the E.U. has been actively engaging with global leaders to deepen existing trade agreements and establish new ones. They are also working towards reducing barriers between European countries and taking a tough stance on China to prevent it from flooding the European market with cheap metals and chemicals.
This strategy is aimed at strengthening the economic superpower and reducing its dependence on an unpredictable America. As E.U. President Ursula von der Leyen and her colleagues have emphasized, while the U.S. consumer market is significant, it is not the only market in the world.
In a recent speech, E.U. Trade Commissioner Maros Sefcovic stated that the U.S. only accounts for 13% of global goods trade, and their goal is to protect the remaining 87% and ensure the survival of the global trade system for the rest of the world.
The E.U.’s efforts to secure its position in the changing global trade landscape highlight its determination to emerge stronger and less reliant on the U.S. market. As the article concludes, if you are having trouble accessing the content, please enable JavaScript in your browser settings or subscribe to The Times for full access.
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