(Finance) – The European Commission “takes note and expresses regret” for the memorandum issued by the United States Treasury Department, upon the inauguration of Donald Trump’s administration which reverses the international agreements on taxation laboriously reached within the OECD on mandate from the G20. This is what the European Commissioner for Economy, Valdis Dombrovskis in the press conference at the end of the Ecofin. “The Commission has taken note of the US memorandum on the OECD agreements on taxation. As the EU – said Dombrovskis – we remain committed to the agreements and to carrying forward dialogue with our partners. The Commission expresses regret about the content of the memorandum and believes that it is appropriate to discuss with the new US administration to better understand the new positions”.
“The European Union and the United States – he continued Dombrovskis – share a deep alliance and friendship and it is clear that transatlantic relations are crucial on a geopolitical level. This is why it is very important to do our best to build a strong and balanced relationship with the new US administration from the beginning. We note that the US president has not announced any new tariffs on the EU, contrary to some expectations. Trade relations between the US and the EU are very important, as President Ursula von der Leyen noted, no other economy in the world is as integrated as the US and the EU. Trade between us is worth 1,500 billion euros a year. Two-thirds of American assets abroad are in Europe, and I could go on. So there is a lot at stake both on an economic and geopolitical level.” At Ecofin yesterday and today – concluded Dombrovskis – “we had a discussion on transatlantic relations and on the commitment with Trump and with the new Treasury Secretary, once will be confirmed.”