Honorable Members,

The EU and the US have together built the largest trade relationship in the world. Trade in goods and services doubled to over 1.7 trillion euros in 2023. EU companies invest heavily in the US, creating millions of jobs on both sides.

Unfortunately, our trade relations are under pressure from unilateral US import duties on EU goods. These tariffs disrupt supply chains and cause uncertainty for investors.

We have shown goodwill by pausing our measures against US steel and aluminum tariffs for 90 days to allow room for negotiations.

If the US is not willing to reach a fair solution, we are ready to take further measures to restore a level playing field. Meanwhile, we continue to diversify our global trade relations.

We are working on new trade agreements with countries like India, Indonesia, and the Philippines, and strengthening ties with partners such as Mercosur and Mexico.

Our commitment to a strong and competitive EU remains steadfast. This is the time to act in the EUs interest and strengthen our economy.

Thank you.