This photo taken in Davos on January 22, 2025 shows the logo of the World Economic Forum (WEF) Annual Meeting.
Fabrice Coferini | AFP | Getty Images
European business leaders have generally tried to downplay concerns about the economic outlook. transatlantic trade war The World Economic Forum in Davos this week.
President of the United States Donald Trump have repeatedly promised impose tariffs on goods imported from the EU, hint The EU warned that it stood ready to respond to additional tariffs “in an appropriate manner”.
Speaking to reporters earlier this week, the newly inaugurated US president said the EU was “very, very bad for us. So, they’re going to face tariffs. That’s the only way… you’re going to get fairness.” .
His comments come as the Trump administration is also considering imposing an additional 10% tariff on imports from China, possibly starting as soon as next month.
For business leaders attending the annual World Economic Forum meeting in Switzerland, reaction to Trump’s tariff threat was decidedly mixed.
JPMorgan Chase CEO Jamie Dimon Wednesday explain Trump is expected to impose tariffs on U.S. trading partners in a positive light and preach that people should “get over it.”
Meanwhile, UBS Group CEO Sergio Ermotti warn If U.S. tariffs increase inflation, interest rates are unlikely to fall that fast.
Siemens Chief Executive Roland Busch described the German industrial giant as “tariff-proof” amid concerns about the U.S.-EU trade war.
Asked how tariffs might affect his business, Busch said Siemens is a “global company” that already has a relatively large presence in the United States.
“We’re very focused on local-to-local service, and the same goes for other regions, China (and) Europe,” Busch said.
Siemens CEO broadly cited the company’s $10 billion acquisition Altair, an American engineering software company, has been expanding its business in the United States recently, its chief executive said.
“Tariffs, on the other hand, generally increase inflation, so it doesn’t really help. So, I think the idea is what can we do, what kind of deal can we have to actually get trade tariffs down to the lowest possible level,” said Bush. Xi told CNBC.
“I think free trade and low tariffs are really drivers of growth,” he added.
‘Tariffs don’t help global trade’
CEO of Danish wind turbine manufacturer Vestas The idea that tariffs would make the world a better place is “at least a new theory for many of us,” Trump said Thursday.
Vestas’ Henrik Andersen also warned that additional tariffs on imported goods could create inflationary risks.
Asked about the outlook for Europe and European trade tariffs Optimizing the regulatory environment for green energy In the United States, Vestas’ CEO told CNBC: “I think what I’m saying is, for both sides, rationality has to prevail.”
sap Chief Executive Christian Klein said on Thursday that U.S. tariffs would not help, stressing the importance of tech companies striking deals with global trading partners.
“I would say that tariffs don’t help global trade,” Klein told CNBC. “When you look at the dependence between Europe and the U.S., the U.S. and China, I don’t think that’s a good thing.”
SAP’s Klein said he has been in Davos with several leaders to discuss how SAP can support them through supply chain and financial software.
“Because, you know, everyone is doing business in China. Of course China wants to continue to do business in the United States. So, for technology, it’s more important now to build these bridges, build this resilient supply chain,” he added.
