() – French President Emmanuel Macron said Thursday that Europe needs to take control of its own destiny at a crucial time for the continent and stop “outsourcing” its security to the United States.
His comments come amid fears that US President-elect Donald Trump will reduce US funding to Ukraine and pressure the country into an uneasy deal with Russia.
“Do we want to read the history written by others? The wars launched by (Russian President) Vladimir Putin, the US election, China’s technological or trade elections? Or do we want to write our own history?” Macron asked before the summit of European leaders in Budapest, Hungary. “I think we have the strength to write it ourselves.”
“There has been a strategic awakening that we must embrace as Europeans. “We cannot entrust our security to the Americans forever,” Macron added.
The French leader also urged European nations to make more use of their own “neighborhood” and “promote a European preference” in industrial production.
Donald Trump’s protectionist policies, including heavy tariffs, will hurt Europe’s economic position, leaving Germany, which is already in crisis, particularly vulnerable, Goldman Sachs predicted after the Republican’s victory.
Following Trump’s re-election, the investment bank lowered its growth forecasts for the region, predicting new trade tensions with the United States, pressure on Europe to increase defense spending and a hit to business confidence due to increased geopolitical risk. Trump has insisted that the United States pays too much to defend its European allies, questioned the role of NATO and suggested a quick resolution of Russia’s war in Ukraine, requiring less US spending.
Goldman Sachs expects the gross domestic product of the 20 countries that use the euro to expand 0.8% next year, down from the 1.1% it had previously forecast.
“Much of the drag on growth would come from greater uncertainty in trade policy… the actual magnitude of tariff increases may matter less than the uncertainty created by (Trump) threatening to impose tariffs on Europe,” the bank’s analysts wrote in a note on Wednesday.
Europe’s open economy is seen as especially vulnerable to Trump’s protectionist agenda, with the Republican promising on the campaign to impose heavy tariffs on all imported goods.
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