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EU trade chief Maroš Šefčovič said that ministers will discuss “how to … prevent eventual trade diversion and how to make sure that [the European trading system] will provide adequate support and services for the European companies in this very difficult situation.”
While he called over the weekend not to escalate tensions with the United States, the Spanish minister didn’t rule out going after trade in services, including by hitting Silicon Valley and Wall Street.
He added that the bloc should make use of all the tools it has at its disposal, including the Anti-Coercion Instrument — which is one of the EU’s most powerful trade tools and allows the bloc to take far-reaching measures such as restricting intellectual property rights.
“The first priority when actually engaging in this discussion should be to protect or to minimize the harm to our own industries, to our own products, in everything, in every measure that we take that we decide,” he said.
“That would mean that we need to explore the use of all the instruments that are at our disposal. That’s for sure. We should not rule out anything.”
“The Anti-Coercion Instrument is there for us to use it in case we find it necessary. But again, the message that the EU should just take today is a positive one,” Cuerpo added.
Koen Verhelst contributed to this report.
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