EU Counters President Trump's Claims About US Trade Deficit

BRUSSELS, Jan 23 (Bernama-dpa) -- The European Commission has rejected US President Donald Trump's claims that the United States runs a trade deficit of US$350 billion with the European Union, reported German news agency dpa.

A commission spokesman said the US$350-billion deficit does not exist and that the US and the EU have complementary strengths. "We have a surplus in trade for goods, the US has a surplus in trade for services," he added.

At a press conference at the White House on Monday, Trump spoke of a US trade deficit with the EU of US$350 billion and once again threatened the bloc with tariffs. 

"They treat us very, very badly, so they're going to be in for tariffs," Trump said, complaining that the EU does not buy cars or agricultural products. 

According to EU figures, however, the US exported goods worth €347.1 billion to the EU in 2023, while goods worth €503.8 billion were exported from the EU to the US. 

In the same year, the spokesman said, US exports of services to the EU amounted to €396.4 billion, compared to €292.4 billion the other way around.

The commission spokesman said the bloc intends to work constructively wih the new US administration, but is prepared to defend its legitimate interests if necessary. 

German member of the European Parliament Bernd Lange said he also saw a willingness to negotiate on Trump's part.

To reduce the deficit in goods trade, the EU could, for example, import more liquefied natural gas, military technology and agricultural goods from the US, he said. 

Lange said another possibility would be to reduce import duties for US cars, which, at 10 per cent, are significantly higher than the US rate of 2.5 per cent.

--BERNAMA-dpa