This photo taken in Davos on January 22, 2025 shows the logo for the annual meeting of the World Economic Forum (WEF).
Fabrice Coffrini | AFP | Getty Images
European business leaders have widely sought to downplay concerns about the possibility of this happening Transatlantic trade war At the World Economic Forum this week in Davos.
American President Donald Trump He has Pledge over and over again Imposing customs duties on goods imported from the European Union, Claim The bloc warned that it is ready to respond to the additional fees “in a proportionate manner.”
Speaking to reporters earlier in the week, the newly elected US president said the EU had been “very bad to us. So, they're going to be subject to tariffs. It's the only way… they're going to get justice.” “.
His comments came as the Trump administration is also considering imposing additional 10% tariffs on goods imported from China, potentially starting as early as next month.
For business leaders attending the World Economic Forum's annual meeting in Switzerland, reactions to Trump's tariff threats were decidedly mixed.
JPMorgan Chase CEO Jamie Dimon on Wednesday He said He said the tariffs Trump is expected to impose on US trading partners could be viewed positively, noting that people should “get over it.”
Meanwhile, Sergio Ermotti, CEO of UBS, said: to caution Interest rates are unlikely to fall so quickly if US tariffs stoke inflation.
Siemens CEO Roland Busch described the German industrial giant as “tariff-resistant”, amid fears of a trade war between the US and the European Union.
Asked about concerns about how tariffs would affect his business, Bush said Siemens was a “global company” that already had a relatively large presence in the United States.
“We (serve) largely locally and domestically, and the same for other regions, for China (and) for Europe,” Bush said.
Siemens CEO cited the company's approx $10 billion acquisition From the American engineering software company Altair, saying that the company has recently expanded its presence in the United States.
“On the other hand, tariffs usually raise inflation by definition, so they don't really help. So, I think the idea will be what can we do, what kind of deals need to be made in order to really get trade tariffs down to the point,” Bush told the network. CNBC: “The Lower Level.”
He added: “I believe that free trade and low tariffs are a real engine of growth.”
“Tariffs do not help global trade”
CEO of a Danish wind turbine manufacturer Vestas The idea that tariffs will move the world to a better place is “at least a new theory for many of us,” he said Thursday.
Vestas' Henrik Andersen also warned that additional duties on imported goods would likely create an inflation risk.
In response to a question about the possibility of imposing trade tariffs in Europe and the European Union countries Tense regulatory environment for green energy In the US, Vestas' CEO told CNBC: “I think for both, I would say, let common sense prevail.”
Sub CEO Christian Klein said Thursday that U.S. tariffs would not be helpful, stressing the importance of technology companies striking deals with global trading partners.
“I would say that tariffs don't help global trade. And when you look (at) the dependencies between Europe and the United States, or the United States and China, I don't think that's a good thing,” Klein told CNBC.
SAP's Klein said he was talking to several leaders in Davos about how SAP can support them through their supply chain and financing programs.
“Because, you know, everyone is doing business in China. And China, of course, also wants to continue doing business in the United States. So, for technology, it's now even more important to build these bridges, to build these resilient supply chains,” he added.
