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LONDON – Welcome back to CNBC’s live blog, covering all the latest news, views and action from day three of the World Economic Forum in Davos, Switzerland.
European Central Bank President Christine Lagarde As told to CNBC’s Karen Tso At Wednesday’s event, Europe must “prepare” to deal with US tariffs under new President Donald Trump.
“What we need to do in Europe is prepare and anticipate what will happen in order to respond,” she said.
The ECB president added that Trump was “very smart to not impose a package of tariffs on his first day as president… because a package of tariffs doesn’t necessarily give you the results you expect.”
As a result, she said she expected Trump’s tariffs to be “more selective and targeted.”
On January 19, 2025, on the eve of the World Economic Forum in Davos, Switzerland, Swiss police patrolled outside the conference center.
Yves Herman | Reuters
Lagarde’s comments came after Spanish Prime Minister Pedro Sánchez As told to CNBC’s Steve Sedgwick On the sidelines of the meeting, the trade war between Europe and the United States will be a “zero-sum game.”
“We have strong transatlantic ties…our economies are so interconnected that I don’t think a trade war is in (anyone’s) interest,” he said. “We need to focus on how to strengthen our transatlantic relationship, which is now more important than ever.”
NATO leader Mark Rutte, Polish President Andrzej Duda, Dutch Prime Minister Dick Schoff, Saudi Arabian Finance Minister Mohammed al-Jadaan and Finnish President Alexander Stuab will also speak to CNBC at the forum .
— CNBC’s Sophie Kiderlin contributed to this report.
