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Madam President, dear Roberta,

Mr President of the European Council, dear António,

Honourable Members,

Today, I want to address the threats to global prosperity and stability and the rise of protectionism. Our domestic agenda is connected to global developments. Let me start with the US tariffs.

The idea of a united Europe began with a simple idea: creating a Single Market. Breaking barriers and reducing tariffs made us strong, as our companies grew and our bonds strengthened. In this spirit, we worked with partners worldwide, including America. Trade brought prosperity and a shared lifestyle. Many Europeans feel disheartened by the US announcements. Europe did not start this confrontation. But my message is that we have everything needed to protect our people and prosperity. We have the largest Single Market globally. We have the strength to negotiate and push back. The people of Europe should know: together, we will always defend our interests and values.

The US has announced a 25% tariff increase on steel, aluminium, cars, and car parts. The next sectors facing tariffs will be semiconductors, pharmaceuticals, and timber. Tomorrow, we expect another announcement with reciprocal tariffs on almost all goods and many countries worldwide. There are serious issues in global trade, such as overcapacities and unfair subsidies. But tariffs make things worse, not better. Tariffs are taxes paid by the people. American factories will pay more for components from Europe, costing jobs and creating a bureaucratic monster of new customs procedures.

Our strategy consists of three pillars. First, we are open to negotiations from a position of strength. Europe holds many cards, from trade to technology. Second, we will continue diversifying our trade with other partners. Our hallmark is not only being the largest market but also reliable and predictable. Third, we will strengthen our Single Market, the cornerstone of European integration and values.

Our immediate response is unity and determination. We have already contacted heads of state and government on the next steps. We aim for a negotiated solution but will protect our interests if necessary. It is clear that Europe did not start this confrontation. We do not necessarily want to retaliate, but we have a strong plan if needed.

The second element is diversification. Trade goes where the business case is. We open doors to fast-growing markets worldwide. Europe already has trade agreements with 76 countries and is expanding this network. We just concluded deals with Mercosur, Mexico, and Switzerland. Later this week, I will join President Costa to Samarkand for the first summit between the EU and Central Asia.

The third point is unleashing the Single Market. There are too many obstacles for our businesses. We must break down barriers between countries to make business easier. It must be easier for SMEs to sell products in all Member States, for professionals to work across borders, and for tech companies to launch new services across Europe. This is the promise of our Single Market.

Honourable Members,

The European Parliament has always worked hard to complete the Single Market. We have a strong consensus on the Draghi and Letta reports. We have ambitious proposals on the table, from the Savings and Investment Union to our omnibus simplification packages. According to the IMF, Europes internal market barriers are equivalent to a tariff of 45% for manufacturing and 110% for services.

This cannot continue. Thats why I have tasked EVP Séjourné with coming up with concrete and bold proposals next month to remove these barriers and prevent new ones. These reforms are overdue. In a stormy global economy, the Single Market is our safe harbour.

Thank you, and long live Europe.