Spain’s prime minister told CNBC on Wednesday that a trade war was not in the interests of the European Union or the United States.

Pedro Sanchez told CNBC’s Steve Sedgwick: “We have strong transatlantic ties… Our economies are so interconnected that I don’t think a trade war serves either side interests of the United States and the European Union,” during the World Economic Forum in Davos, Switzerland.

“A trade war is a zero-sum gain,” he added. “We need to focus on how to strengthen our transatlantic relationship, which is now more important than ever.”

Since taking office on Monday, President Donald Trump has repeatedly threatened to impose tariffs on EU goods entering the United States, telling reporters that the EU “treats us very, very badly. So they’re going to face tariffs.” The only way… you will Get it fair. “

On Tuesday, Trump said his administration was discussing imposing additional sanctions 10% tariff on goods Imports from China began in February. He also warned that Mexico and Canada could also be targeted by import tariffs.

EU Economic Commissioner tells CNBC the EU will respond to any tariffs imposed by the US

Valdis Dombrovskis told CNBC’s Steve Sedgwick: “If there is a need to defend our economic interests, we will respond in an appropriate manner. “

“We are ready to defend our values ​​and our interests and rights if necessary,” he added.

Dombrovskis stressed that European officials were in dialogue with their U.S. counterparts to find “pragmatic” solutions to the tariffs, noting that if economic ties between the two countries were harmed, global economic growth could be affected. .

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This is a developing story, please check back for more updates.