Brussels/Frankfurt, 3 February 2025 (dpa/MIA) - European Union leaders on Monday said the bloc would be ready to take countermeasures should the US impose additional tariffs on European goods - but stressed their willingness to talk.

"As a strong economic area, we can organize things ourselves and can also react with customs policies. We must and will do this," German Chancellor Olaf Scholz said as he arrived at an EU summit in Brussels.

"Europe, as a power that stands its ground, would have to earn respect and therefore react," said French President Emmanuel Macron, striking a similar chord.

US President Donald Trump announced punitive tariffs on goods from China, Canada and Mexico and threatened the EU with the same due to the trade surplus EU countries such as Germany have with the US.

Trans-Atlantic trade reached a record high of €1.2 trillion ($1.23 trillion) in 2021, according to European Commission figures.

In 2023, the EU had a surplus of €155.8 billion in trade of goods, while the US had a surplus of €104 billion in trade of services.

"The ... goal should be that we proceed in such a way that it leads to cooperation," Scholz however stressed.

"It is clear that the precondition for understanding is that you know your own strength. Europe can act."

Scholz emphasized that both sides would benefit from the exchange of goods and services.

"If customs policy now makes this difficult, it would be bad for the US and bad for Europe."

"Trade conflicts are always bad," said Luxembourg's Prime Minister Luc Frieden.

"But we are not weaker than the United States. If someone wants a trade war, they'll get it," Frieden added.

"We have to negotiate with Trump. ... I'm not going to start a war, I want to start negotiations," stressed Finnish Prime Minister Petteri Orpo.

The euro weakened at the start of the week amid growing concerns over an escalating trade dispute between the US and several other countries.

The exchange rate dropped overnight to $1.0141, its lowest level since November 2022, before recovering slightly to $1.0245 on Monday morning — still more than 1 cent below Friday evening's value.

The euro has been under pressure since Trump's re-election as US president in early November, when it was trading above $1.09.

US tariffs of 25% on imports from Mexico and Canada, though only 10% on Canadian energy exports, and 10% on all Chinese imports are to take effect on Tuesday, after Trump ordered the measures on Saturday.

When Trump was asked on Friday whether he would go after products imported from the EU, he responded: "Absolutely."

MIA file photo