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French finance minister calls trade war 'idiotic', plans US trip / Photo: © AFP
NYSE - LSE
French finance minister calls trade war 'idiotic', plans US trip
France's Finance Minister Eric Lombard called the escalating US-EU trade war "idiotic" on Friday and said he would soon travel to the United States after Washington threatened huge tariffs against French wine and champagne.
"We need to talk to the Americans to bring the tension back down," Lombard told the France 2 television channel.
US President Donald Trump has launched trade wars against competitors and partners alike since taking office, wielding tariffs as a tool to pressure countries on commerce and other policy issues.
On Thursday, the billionaire Republican president threatened to impose 200-percent tariffs on wine, champagne and other alcoholic beverages from France and other European Union countries.
His threat was a response to the EU's unveiling on Wednesday of tariffs on $28 billion in US goods, starting in stages from April, which include bourbon, boats and motorbikes.
That followed US tariffs on steel and aluminium imports taking effect the same day.
"By doing this, the United States is hurting itself," Lombard said, describing what he called an "idiotic war".
He said he would travel to the United States "in the coming days" to meet with US counterparts.
Lombard and French Foreign Trade Minister Laurent Saint-Martin had a "frank and clear" phone conversation with US Commerce Secretary Howard Lutnick on Thursday, the French finance ministry said.
Europe exported nearly $5.2 billion worth of wine and champagne to the United States in 2023, according to the World Trade Organization.
European Commission head Ursula von der Leyen on Wednesday said the European Union would defend European interests but was also "open to negotiations" with the United States over escalating tariffs between the two economic superpowers.
P.Grazvydas--BTZ
