The European Union is ready to respond quickly if the US restricts its exports, the European Commission said after US President Donald Trump threatened to oppose the block’s “extremely unfair” trade policy.
On Sunday, Trump said in an interview with British television that he has many concerns about the EU and that it could “grow into something big” in trade.
European Commission spokesman Margaritis Skinas said at a press conference that the European Union does not see trade as a rivalry in which someone wins and someone loses.
"This is not about winners and losers. We here in the European Union believe that trade can and should be mutually beneficial," said Schinas.
"We also believe that while trade should be open and fair, it should also be based on rules. The European Union is ready to respond promptly and adequately if any restrictive trade measures by the US affect our exports." he added.
Last week, the US president decided to introduce import duties on solar panels to the country in the amount of 30%, as well as import duties on washing machines in the amount of 20%.
This is one of the first unilateral trade restrictions introduced by the US Presidential Administration as part of a broader protectionist policy.
China and South Korea condemned the imposition of duties. Seoul is about to file a complaint with the World Trade Organization (WTO).
The European Commission then stated that it regrets the decision of the United States and has serious doubts that such measures are consistent with WTO rules, and will analyze the impact on EU exports.
Last week, the euro strengthened against the dollar to a maximum of more than three years after comments by US Treasury Secretary Stephen Mnuchin.
On Wednesday, Mnuchin approved the decline in the dollar as a positive factor for US trade.
Since then, ECB head Mario Draghi, ECB board member Benoit Köré and Bank of France head Francois Villeroi de Halo have politely reminded US officials of a global agreement to refrain from targeting exchange rates in order to gain a competitive advantage.