The Trump quake - Europe invokes its own strength in Davos
The EU is focusing on economic reforms in order to compete with the USA. A gas deal could avert a trade conflict.
In response to the inauguration of US President Donald Trump, Europe wants to push ahead with its own pro-business agenda. In order to survive in the “tough geopolitical competition”, the continent must “shift up a gear”, said EU Commission President Ursula von der Leyen on Tuesday at the World Economic Forum in Davos.
German Chancellor Olaf Scholz expects Trump to “keep the world on tenterhooks”. “We can and will deal with all of this,” Scholz assured in Davos, however. “We Europeans must be strong on our own.”
Trump has threatened the EU with tariffs. Shortly after taking office, however, he hinted that he might be prepared to refrain from a trade conflict if the Europeans buy more oil and gas from the USA. A deal between Washington and Brussels seems possible.
Some EU states, including Spain, still import liquefied natural gas (LNG) from Russia. If the EU sanctions Russian LNG, the Americans could take over market share. The head of Germany's largest gas importer Uniper, Michael Lewis, has already made it clear
