At the same time, he downplays the economic risks of a protracted customs conflict.
"Sit back, relax. I am confident that the leaders will not escalate and that this will resolve itself in a way that leads to a very good outcome for everyone, for national security, for the United States and for Europe," he told the newspaper.
He compares reactions to Trump's Greenland statements and tariff threats to those to the tariff moves in April last year.
"This is the same kind of hysteria that we heard on April 2. There was panic," he tells Bloomberg.
He also dismisses speculation that European countries would start selling US government bonds. Together, European countries own nearly 40 percent of foreign holdings of US government bonds.
