The European Union's trade commissioner is heading to Washington on Monday as the bloc pushes for a breakthrough in easing tensions over President Trump's tariffs.
The European Central Bank says it stands ready to act to ensure financial stability amid ongoing market volatility.
Finance ministers from the 27-member bloc have been meeting in Poland to discuss a united response, warning they'll resort to retaliation if talks with the US reach an impasse.
CGTN’s correspondent Pablo Gutierrez has more details.
The European Central Bank says it stands ready to act to ensure financial stability amid ongoing market volatility.
Finance ministers from the 27-member bloc have been meeting in Poland to discuss a united response, warning they'll resort to retaliation if talks with the US reach an impasse.
CGTN’s correspondent Pablo Gutierrez has more details.
Category
🗞
NewsTranscript
00:00Well, this is a moment of unity and many here in Brussels see it as a wake-up call for the bloc and the rest of the continent on both the economic front and also on security.
00:14So right now, finance ministers are in Warsaw and they're meeting there.
00:19And for the first time, the Swiss president is present in this meeting.
00:24Switzerland is not an EU country, so they are seeking closer ties.
00:28The Swiss were hit with a 31 percent tariff by the United States.
00:33And shortly after that, the president of that country, Karen Keller Suter, spoke directly with Trump and other top EU leaders.
00:42Her presence in that room signals that Switzerland may be ready to closer to the EU after years of holding back.
00:50And much of the focus today is not only on trying to find the best deal for Europe to negotiate these tariffs down, but they're also focusing on the European economy itself and how to bring back competitiveness.
01:06This is what we heard a few minutes ago, what the Poland president had to say about this.
01:13But also today in Warsaw, in this meeting, the UK's chancellor, Rachel Reif, is present.
01:20She is expected to push for closer EU-UK ties on defense.
01:25The UK recently announced that it would increase defense spending to 2.5 percent of its GDP by 2027.
01:33So part of the discussion also in Brussels is going to be in Warsaw, rather, is how to rearm Europe, this rearming fund that has been put forward by Brussels.
01:45It's a $170 billion program to provide EU member states funds so they can purchase weapons and the equipment they need to defend themselves.
01:57I believe that we are all observing kind of European awakening, both in terms of security, but also in terms of our economic and economical position.
02:15And that is going to be the focus tomorrow when ministers on Saturday will be discussing this defense fund and how EU member states can access it.