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Pedro Sánchez says that a trade war benefits neither the USA nor the EU

by AI | 22.Jan 2025 | Europe in brief AI

The Spanish president has emphasized the high interconnection between the EU and US economies and the strong bond between both sides of the Atlantic rooted in common values, common interests, and cultural history.

The President of the Government of Spain, Pedro Sánchez 1/21/2025. Photo: Eduardo Parra/Europa Press

Madrid – The president of the Spanish Government, Pedro Sánchez, has defended this Wednesday from Davos the “strong transatlantic link” between the European Union and the United States and has considered that a trade war “benefits neither of them” as it is a kind of zero-sum game.

 Sánchez has emphasized the high interconnection between the economies of the EU and the U.S. and the strong bond across the Atlantic rooted in common values, common interests, and cultural history.

“A trade war benefits neither, neither the United States nor the European Union. A trade war is a kind of zero-sum game and I believe we should focus on how to strengthen our transatlantic relationship, which today is more important than ever,” the Spanish president defended.

He also highlighted the European response to different crises in the past, underscoring that “the European way” is valid in terms of economic development, job creation, reducing inequality, and addressing climate change.

In addition, he recalled that the European Union is reaching different trade agreements with different regional blocs or countries such as Mexico, in the past Canada, Chile, and is currently awaiting to close a very important trade agreement with Mercosur.

However, Sánchez has acknowledged the need for Europe to take advantage of the political momentum on the world stage to reduce fragmentation by expanding, developing, and fully implementing the single market, as well as conceiving a different way of jointly financing those European public goods such as science, technology, defense, security, and climate change.

“I believe we have great experience with these ‘Next Generation’ funds and Spain is a good example of how we can positively carry out this type of reforms and investments and I believe we must be consistent in this path,” he pointed out.

In this regard, although he has avoided speaking of different blocs within the EU, the Spanish president has wanted to highlight that from the South “different responses, responses to common challenges” can also be given. (January 22)