"A lot is at stake" in EU-US relations, Ursula von der Leyen said the day after Donald Trump's inauguration.
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00:00As news of the new US president's first actions echoed around meeting rooms, the president of the European Commission was compelled to show unity and determination.
00:12Ursula von der Leyen, recovering from a serious illness, addressed the World Economic Forum in Davos, where she said that the US and European economies are interdependent as Donald Trump has threatened to impose a tariff on European products of up to 20%.
00:28The trade volume between us is 1.5 trillion euros, representing 30% of global trade. A lot is at stake for both sides.
00:48So, our first priority will be to engage early, discuss common interests and be ready to negotiate. We will be pragmatic, but we will always stand by our principles. We will protect our interests and uphold our values, because that is the European way.
01:17The president acknowledged that while the interconnected global economy was at its peak at the start of the century, it has now become fragmented. Political changes have been conducive to deepening cooperation and the EU must adapt, she said.
01:32But the world is changing. So must we. In the last 25 years, Europe has relied on the rising tide of global trade to drive its growth.
01:49It has relied on cheap energy from Russia. And Europe has too often outsourced its own security. But those days are gone.
02:03Von der Leyen struck a more conciliatory tone than usual on China. Although the tariffs on electric cars made in China are overshadowing trade and by extension political relations, the Commission president called for deeper cooperation.
02:172025 marks 50 years of our Union's diplomatic relations with China. I see it as an opportunity to engage and deepen our relationship with China and, where possible, even to expand our trade and investment ties.
02:39It is time to pursue a more balanced relationship with China in the spirit of fairness and reciprocity.
02:50Ursula von der Leyen added that in the coming weeks, the European Commission will put forward proposals on, for example, reducing burdens on businesses and extending the capital markets union.