ECOFIN Meeting in Sofia: Trade War between U.S. and Europe Should Be Avoided

Trade war with the United States should be avoided. Such were the main comments of EU economy and finance ministers, who took part in the informal ECOFIN meeting, which was held on 27^th and 28^th of April in Sofia and is part of the Bulgarian Presidency of the the Council of the EU.

Trade war would not bring benefit for anyone and for any country - this was the general conclusion of the economic and finance ministers during the second day of the forum in the National Palace of Culture. The occasion is the US intention to impose duties on imports of some of the goods, specifically aluminum and steel. Another occasion was Angela Merkel’s key visit to Washington. Ministers said that Europe is not powerless in this situation of ongoing negotiations.

Vladislav Goranov, Minister of Finance: The decision remains in the hands of Trump. We are still conservative in terms of Europe's overreactions, but certainly at the G20 summit there have been opinions from many countries that such provocation creates the conditions for a trade war, if it can be called that, which is not is good for the world trade.

Johan Van Overtveldt, Minister of Finance of Belgium: No one wants a trade war, so we have to try to avoid it at all costs.

Roberto Gualtieri, Chair of the EP Committee on Economic and Monetary Affairs: The important thing is that European leaders such as Emmanuel Macron and Angela Merkel are trying to establish a dialogue with the United States, which is our most important ally and friend. We do not think customs duties or tariffs are useful. That is why we are working on two lines - a positive dialogue to avoid market escalation and, on the other hand, preparing counter measures if the more sensible approach does not work for our friends.