European leaders must use their historic summit on Thursday to generate an adequate response to Trump’s threats, European Investment Bank President Nadia Calviño told Euronews’s flagship program Europe Today from Davos.
“I think we can be ready for anything. But more important is what we do as Europeans. So I think [the European Council on Thursday] is really critical and historic in the sense that we need to show the superpower we have,” the EIB President said.
Last weekend, US President Dondald Trump threatened several European countries with further tariffs up to 10% if the bloc does not allow him to take over Greenland. In response, the president of the European Council António Costa convened an extraordinary summit in Brussels taking place on January 22.
“We have to be pragmatic when we can, but also firm when we must”, Calviño pointed out.
Some EU leaders from major countries such as France and Germany said that the bloc should be ready to use retaliatory measures if the Trump makes good on his latest tariff threats.
Among the EU’s tools is the Anti-Coercion Instrument, which enables the bloc to punish unfriendly states for economic coercion by restricting them from participating in public procurement tenders, limiting trade licenses, and even shutting off access to the single market.
Adopted in 2023, the instrument has never been used, but the US president’s escalating threats over the weekend prompted calls for the instrument to be deployed.
