Cecilia Malmström, the European Union’s trade commissioner, has warned the Trump administration against imposing trade barriers, pointing to the risk of retaliation.
“We advise not to do that because there is a risk that there’s a global retaliation,” Ms. Malmström told Handelsblatt in an exclusive interview. "That would be very bad for the economies and for the citizens of course."
The trade commissioner said the U.S. decision to withdraw from the Trans-Pacific Partnership is presenting the European Union with new trade opportunities.
“We have seen that many of the TPP countries are now approaching us and saying 'we still want to do deals,'” Ms. Malmström said. “We are engaged with basically all of them, either negotiating or have a deal or preparing negotiations.”
Brussels is also accelerating trade talks with Mexico, she said. U.S. President Donald Trump has threatened to impose a tax on goods that cross the U.S.-Mexico border and has vowed to renegotiate NAFTA.
"We have decided to speed up with Mexico," Ms. Malmström said.
Read the full interview in Tuesday's Handelsblatt Global.