EU chief says preparing retaliatory measures but open for talks with US amid trade tensions

ISTANBUL

The EU is preparing a list of potential retaliatory measures against the US amid rising transatlantic trade tensions, even as it leaves the door open for negotiations, European Commission President Ursula von der Leyen said Monday.

“So it's very clear that we are open for negotiations,” von der Leyen said at a joint press conference with Norway’s Prime Minister Jonas Gahr Store in Brussels.

“And that, in parallel, we are preparing a potential list for retaliation and other measures for retaliation if this is necessary. We prefer to have a negotiated solution," she said.

While von der Leyen emphasized that relevant officials, including Trade Commissioner Valdis Dombrovskis and US Secretary of Commerce, are in close contact, she noted that any deal "has to go deep into technical details" and warned that "it will be hard."

Norway, a member of the European Economic Area but not of the EU, also expressed concern over the "unpredictable" US measures.

Store underscored the importance of maintaining stability in the internal market, which he described as Norway’s most vital economic partner.

“For Norway, Europe is by far our most important trading partner. Seventy percent of our exports go to this internal market,” he said.

“We will do everything to contribute to the integrity of the internal market," he added.

Von der Leyen reaffirmed Norway’s place in the European single market, saying: "Norway will always stay in the single market. This is for us, very important, and we'll find solutions together."

As part of its response strategy, the EU is also launching an import surveillance task force to track possible surges in redirected trade.

"We look at what are the historical imports that we have and had, and is there any specific surge, all of a sudden, of a certain product or in a certain sector that we have to act on," she said.

Von der Leyen reiterated the EU’s strategy of strengthening the single market and diversifying trade ties.

"We will focus like a laser beam on the 83% of global trade that is beyond the United States," she said, citing ongoing negotiations with India, Thailand, Malaysia, Indonesia and others.