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00:00So I think we will have to sit down with the Americans,
00:02and this is all a guess.
00:08We'll see what happens.
00:09But we'll have to sit down and try
00:10to figure out how to keep them engaged during Trump II
00:15presidency.
00:16We have also made the experience that what Trump says
00:19and what he does are two different things.
00:22So there is a certain hope, let's say,
00:26that drastic announcements will not be implemented right away.
00:32Actually, I think on tariffs, India
00:34has a bigger problem than Europe.
00:37But Europe also has one.
00:38You are right.
00:39This is also something that will be discussed with us.
00:47I think we will sit down in the European Union
00:51and with our European friends outside the Union, like the UK,
00:54and figure out how to keep the American engagement in Europe
00:59alive.
01:00Now, I don't think that Trump says,
01:02I don't care about the rest of the world.
01:04We'll see that he will try to engage
01:07on many, many areas internationally,
01:09be that Russia and Ukraine, be that the Middle East or China.
01:13So I don't see a sort of a withdrawn America.
01:18But the way this interaction will be shaped or formed
01:27is certainly less a cooperative effort than under Biden, who
01:33coordinated with his European partners
01:35very, very regularly and very closely.
01:40And I think that that's not going to happen this time.
01:43I want to add one.
01:44I think it was always a high possibility that Trump
01:49would win these elections.
01:51And as we had our experience during Trump
01:54won, Germany not being his favorite country in Europe,
01:57I have to say that, that now we can prepare a bit better,
02:02because we have now our experience.
02:04There is one factor, though, that really
02:07has a new dimension to this, a worrying factor.
02:10That's the media campaign that comes along,
02:15run by Elon Musk, of course.
02:16And that's something where we, that's a new element in this.
02:21And when you see what he does with the UK
02:25and also with Germany, to a certain extent,
02:27that's something where we have to also draw lines.
02:30I think there is, we have to find ways and means
02:34to contain this media campaign, which is basically
02:40unwanted.
02:42Yes, I think, you know, I'm going
02:44to come to the question of you mentioned,
02:46Philip, is important.
02:48And I don't think it's registered in India
02:50that perhaps on the tariff side, we
02:53are going to be quite affected, far more than Europe.
02:57Anybody who's read the book written by the former US Trade
03:00Representative Robert Lighthizer,
03:02it's called No Trade Is Free.
03:03And if you're interested, it's available on Amazon.
03:07It essentially says that after China,
03:09India is the country which needs to be,
03:12on which tariffs need to be imposed,
03:14because India has extremely high tariffs.
03:17And he's actually singled out specific sectors,
03:20including jewelry, pharmaceuticals, electronics,
03:24and so on.
03:24So I think we're going to have a tough time when
03:27President Trump comes to office.
03:29You mentioned the Ukraine-Russia war.
03:31And I think that's a subject which everybody here
03:33in this room is interested in.
03:35So this question is really in two parts.
03:38First, would you like to tell us about the latest
03:42view in Europe about this particular conflict?
03:45What's the situation on the ground at the moment?
03:48What are the prospects?
03:50And then I really think that since the sense is
03:54that President Trump is a very transactional president,
03:59is Europe really worried about the possibility
04:02of the United States cutting a deal with Russia on Ukraine?
04:06And where does that then leave Europe?
04:09Can I make one remark again, the diplomat,
04:11before asking the question on tariffs,
04:13because I think it's an important one?
04:16I think one of the reasons why Kamala Harris lost
04:19these elections was inflation.
04:20And inflation, although the numbers
04:23of the American economies, the growth was very solid.
04:26Numbers are good.
04:27But the inflation basically swallowed all increase
04:32in salary.
04:32And at the end of the day, people
04:35had less money in their pockets than before.
04:38And that's interesting that a growth rate as such
04:41is not an indicator whether people
04:43are getting more prosperous.
04:44So that's the benchmark Trump is going
04:47to be measured with inflation and whether people
04:50have more money.
04:51Now, it's a very easy economic truth
04:54that when you close your country, when you become more
04:58protectionist, and you