Trade and Ukraine – how the US election affects Europe

Europe both cheers and sighs over Donald Trump's election victory in the USA. The EU machinery is preparing itself for the consequences, with a focus on trade and the war in Ukraine.

» Published: November 06 2024

Trade and Ukraine – how the US election affects Europe
Photo: Manuel Balce Ceneta/AP/TT

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Already within a day of the American election, almost all of Europe's leaders are gathering on Thursday for a top meeting within the European Political Community, EPC, in Budapest.

The meeting's host, Hungary's Prime Minister Viktor Orbán, has long been one of Donald Trump's foremost supporters in Europe. Pre-meeting promises of a "surprise" during the meeting have sparked speculation about a message from the USA being expected – perhaps even via direct link.

But it's not on the agenda, emphasizes a high-ranking EU diplomat ahead of the meeting.

Has congratulated

The relationship with the USA will likely be thoroughly discussed when the EU countries' heads of state and government hold a working dinner in Budapest on Thursday evening.

It's important for member states to "compare notes". It's good for the EU to have a unified message as far as possible on how we view the result, says the EU diplomat.

EU Commission President Ursula von der Leyen has congratulated Trump and expressed her hopes for being able to work together.

Meanwhile, the EU machinery has long been preparing for the consequences of the US election.

Tariffs

This work is expected to become even more intense, considering Trump's promises of heavy tariffs. For EU countries, it's not just about the risk of their own goods becoming more expensive to sell to the USA, but also about how to handle an increased influx of goods from other countries – primarily China – when they too are affected by the tariffs.

A special working group within the EU Commission is also working on drawing up a list of goods that can be used to retaliate against US tariffs or as bargaining chips.

A lesson learned from Trump's first term is that it's considered better to take a tough stance than to make concessions.

Peace in Ukraine?

When it comes to Ukraine, Trump has repeatedly stated that he will create peace immediately, something that has also been strongly backed by Viktor Orbán. A clear majority of the other EU countries, however, stand firm that peace must be achieved on Ukraine's terms.

We are very clear that this war is a Russian aggression. How it ends is up to the Ukrainians. We will support them as long as it's needed, says the EU diplomat.

The outcome of the US election will be a main topic when Europe's political leaders gather in Hungary during the week.

On Thursday, a meeting will be held for the heads of state and government within the European Political Community, EPC, at the Puskás Aréna football stadium in Budapest. Among the participants are, in addition to EU countries, also the UK, Turkey, and Ukraine.

On Thursday evening, the EU leaders will then hold an informal working dinner at the Hungarian parliament to primarily discuss the elections in the USA and Georgia.

The EU countries will then conclude with their own informal top meeting on Friday to discuss competitiveness with the former head of the European Central Bank, Mario Draghi.

Here are the EU leadership's greetings to the USA after the election, via X:

"Congratulations to President Donald Trump on his enormous victory. A much-needed victory for the world", writes Viktor Orbán, Prime Minister of Hungary, the country holding the Council presidency.

"The EU and the USA are more than just allies. Let's work together on a strong transatlantic agenda", writes EU Commission President Ursula von der Leyen.

"The EU and the USA have an enduring alliance and a historical bond. The EU will continue its course in line with the strategic agenda as a strong, united, competitive, and independent partner", writes EU Council President Charles Michel.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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