MEPs discuss the future of EU-US relations in light of changing US administration

The European Parliament recently discussed the future of EU-U.S. relations following the 2024 U.S. presidential election, where Donald Trump and JD Vance emerged victorious. The debate focused on how to engage with the new administration to tackle challenges and take advantage of opportunities for both regions. High Representative of the EU for Foreign Affairs and Security Policy, Josep Borrell, warned about the potential impacts of Trump’s proposed 10% tariffs and migration policies on the global economy. EU leaders emphasized the importance of maintaining a dialogue with the U.S. in order to preserve the longstanding alliance despite potential conflicts with Trump’s “American First” mindset. Analysts have also raised concerns about the economic consequences of Trump’s victory, including ECB rate cuts, euro weakness, and a risk of recession, which could negatively affect Europe’s economy. There are fears that European exports like cars and chemicals could be hit by the proposed tariffs, leading to a potential loss of up to 1.5% of Europe’s GDP, equivalent to about €260 billion. Overall, the European Parliament is aiming to navigate the uncertainties brought by Trump’s presidency and ensure the stability of transatlantic relations moving forward.

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