European Union Reminds Trump of Transatlantic Ties

German Foreign Minister Frank-Walter Steinmeier – who proposed the Sunday meeting of foreign ministers – made no effort to disguise his disappointment.

It resonated with many USA voters who might not have benefited from the start of a pickup in the U.S. economy, as did Trump’s promise to renegotiate the trade deals and win back jobs.

“It is good that the election is over, because the way it was conducted has left deep scars”. He not only vowed to slap high tariffs on China and Mexico – relishing trade wars should they prove necessary – but even toyed with the idea of quitting the World Trade Organization if it stood in his way.

Pope Francis pope did not mention the USA elections during his Wednesday audience, but secretary of state, Cardinal Pietro Parolin, offered Trump congratulations in a statement to Vatican Radio that “his government can be truly fruitful”.

If implemented, Trump’s election will have enormous consequences in the field of security and trade.

Trump sparked alarm across Europe when he threatened to pull the United States out of North Atlantic Treaty Organisation, slamming it as “obsolete” alliance that costs America a fortune.

European Union leaders call for a summit at Trump’s “earliest convenience” to save TTIP.

Germany, for instance, depends heavily on global trade, while Trump has spoken out against trade treaties.

The Euro Stoxx index slid just over three points, or almost 1%, to 321.58 and the FTSE 100 dipped just seven points to 6,836 as Trump made a conciliatory speech after sweeping to victory with 278 votes in the Electoral College. “This suggests that a win for President Trump is not yet America’s Brexit moment”. While those concerns hurt companies dependent on domestic demand earlier in the year – just as a strengthening United States economy helped buoy exporters – the tables turned in the past weeks amid angst that the outcome of the presidential election could damp global trade.

German Defense Minister Ursula von der Leyen voiced concern over the direction of US foreign policy under a Trump administration.

A further problem TTIP has faced is opposition from trade unions and environmental and other protest groups, particularly in Europe, who say TTIP undermines democracy by giving multinationals the power to dictate public policy. “We expect to have great, great relationships”.

Barclays equity strategists included four pharma and healthcare companies in their list of the 10 European companies most likely to benefit from a Trump victory.

“Canada has no closer friend, partner and ally than the United States”.

They also cited a troubled EU-US free trade deal, now under negotiation, as a strong example of transatlantic unity despite Trump’s opposition to such deals. The EU has been riven with tensions over economic policy, the Syrian refugee crisis and Britain’s exit, and remains very divided. While those concerns hurt companies dependent on domestic demand earlier in the year – just as a strengthening US economy helped buoy exporters – the tables turned in the past weeks amid angst that the outcome of the presidential election could damp global trade.

“And as I have repeatedly said, it’s not our fault that Russian-American relations are in that poor state”.

He dismissed suggestions a USA withdrawal from some engagements could offer benefits by obliging Europeans to invest more in their cooperation and spend more on their own defense: “That’s not a silver lining”.