Trump's Second Term Sparks EU Economic Wake-Up Call

The return of President Donald Trump has prompted EU officials to focus on improving competitiveness amidst fears of falling behind in technological race against the US and China. The EU aims to strengthen trade ties while addressing energy costs and regulatory burdens.

The reelection of U.S. President Donald Trump has triggered European Union officials to re-evaluate the bloc's economic strategies. As Trump was inaugurated for a second term, EU financial leaders urged member states to focus on enhancing their competitive edge globally.

The EU, concerned about lagging in the development of new technologies compared to China and the U.S., is emphasizing the need to stimulate its economy while reducing greenhouse-gas emissions. European innovators often seek opportunities in the U.S. due to easier access to capital and fewer regulatory hurdles.

Officials like Belgian Finance Minister Vincent Van Peteghem advocate for improving Europe's competitiveness rather than engaging in retaliatory trade policies. Preserving a strong trade relationship with the U.S. remains a priority, although EU leaders are prepared to defend their economic interests if necessary.

(With inputs from agencies.)