In an interview with the Financial Times, Stephane Ségornet, Vice President of the European Commission and the new Industrial Commissioner, stressed the need for a “Europe First” strategy to support the main industrial sectors in the European Union, amid fears of the repercussions of a possible global trade war that may arise due to the policies of US President-elect Donald Trump. .
A threat to the European economy
Sigourney warned that the trade policies that Trump threatens, such as imposing sweeping tariffs and canceling trade agreements, could make the European Union a collateral victim of economic conflicts.
He said: “If the United States closes its markets to Latin America, India and China, the European market cannot become the only destination for global surpluses, otherwise we will face a short-term economic crisis.”
He added that Europe must move “offensively” to protect its strategic interests, stressing the importance of adopting the slogan “Made in Europe” versus “America First” and “Made in China.”
Industry challenges
Sigournet noted that “historic” industries, such as the steel industry that is vital to clean technology sectors, should be prioritized. “We cannot produce wind turbines or electric cars without steel,” he explained. “If we want to develop other industries, we need to strengthen the steel industry.”
He stressed that the European Commission will identify critical sectors within the first 100 days of its work, focusing on clean technology such as hydrogen and digital technologies that can be combined with polluting industries to reduce emissions.
Sigourney touched on the collapse of the Swedish company, Northvolt, a manufacturer of electric batteries, which was considered a symbol of the green transformation in Europe.
The company’s bankruptcy caused losses of hundreds of millions of euros, as the Commission guaranteed loans worth 300 million euros ($314 million) to the company.
Sigourney stressed that the European Union will not abandon the battery industry, saying: “We must face the technological difficulties without abandoning what has been achieved.”
Message to Washington
Sigourney called for the necessity of dialogue with the new US administration, stressing that the trade war would not benefit any party.
He added: “We need to send a strong message to the United States that there is no reason to undermine our trade dialogue and cooperation.”
Sigournet pointed to the difficulties facing the European economy, including layoffs in the automotive and steel sectors.
He stressed that the European Union will work to integrate capital markets to enhance the investment environment. He explained: “We want to develop a coherent European industrial policy, instead of the scattered measures that were followed previously.”
The new Commission seeks to enhance the European Union’s competitiveness over the next five years, with a special focus on strategic sectors such as:
- Automotive manufacturing.
- Steel industry.
- Clean technology.
With the aim of achieving a balance between industrial protection and global cooperation.
