Will EU Revive US Trade Deal? European Leaders Heave Sigh Of Relief But Warn Trump - 'Will Defend Itself'

(MENAFN- Live Mint) European Union (EU) leaders heaved a sigh of relief as US President Donald Trump took a U-turn on Greenland. After Trump's threat over Greenland takeover, EU leaders met for an emergency summit in Brussels late on Thursday.

According to Reuters, the leaders stated that they want the EU-US trade deal to be back on track after the European Parliament suspended its ratification in protest over US pressure to acquire Greenland.

The EU leaders, however, warned that they were ready to act if Trump was to threaten them again.

Also Read | EU halts US trade deal work after Trump's Greenland threat: When will it resume?

The Thursday evening summit was held after Trump threatened steep tariffs, and possibly even military action in Greenland, before pulling back from those threats, saying a deal over the Arctic island was in sight.

Convened to reassess the EU-US relationship, the emergency summit did not take any concrete decision, Reuters added.

What did EU leaders say?

European Commission chief Ursula von der Leyen said, "We were successful by being firm." She was referring to Trump dropping its threats against Europe over Greenland.

Meanwhile, French President Emmanuel Macron said, "Things are quietening down and we should welcome that."

"We remain extremely vigilant and ready to use the instruments at our disposal should we find ourselves the target of threats again," Macronwas quoted as saying while referring to "bazooka" trade sanctions the bloc had considered using.

Also Read | Trump shrugs off speculations over US-EU trade deal amid Greenland tariff row

The EU "will defend itself, its member states, its citizens and its companies, against any form of coercion," European Council chief Antonio Costa said.

Most leaders said the relationship with the US remained key for the EU and it was one they were ready to work hard to maintain - while expecting hard work, and respect, from Washington as well.

"Europe is not willing to junk 80 years of good transatlantic relations because of disagreements... we are willing to invest our time and energy in this," the bloc's foreign policy chief, Kaja Kallas, said.

Besides, Danish Prime Minister Mette Frederiksen said she was more than ready to discuss security cooperation in Greenland with the United States - as long as it fully respects their sovereignty.

Also Read | Trump tariffs LIVE: European leaders decry move; is EU-US trade deal off?

"We have to work together respectfully without threatening each other," she said.

"It is important for... our partners in Washington to understand the difference between domination and leadership. Leadership is OK," Poland's Prime Minister Donald Tusk said. "Coercion is not a good method."

EU-US TRADE DEAL

The EU had been ready to deploy a package of retaliatory tariffs on 93 billion euros ($108.74 billion) of US imports and anti-coercive measures if Trump had gone ahead with his own tariffs that were to kick in on February 1, officials told Reuters.

European lawmakers are likely to resume their work on the ratification of the trade deal now that Trump has taken back his threats, European Parliament President Roberta Metsola said.

(With inputs from Reuters)

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