EU Sees Single Market, Not Trade War, as Answer to Trump Tariffs

(Bloomberg) — A more robust European single market rather than a trade war will be the “right answer” to challenges presented by protectionist policies such as the tariffs imposed by U.S. President Donald Trump, according to Portuguese Finance Minister Mario Centeno.

“We are always worried about protectionist policies, which I really don’t think is the way to lead our economies,” said Centeno, who on Monday had his debut presiding over the gatherings of euro-area finance ministers. “But we have to be ready and prepared to respond to that with the highest levels of competitiveness from our side.”

Europe has the largest single market in the world, Centeno said in the interview with Bloomberg Television’s Francine Lacqua at the World Economic Forum in Davos.

“I don’t think trade wars can be profitable for anyone.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.