The European Union will be ready for tough negotiations with the United States to protect its interests against the threat of increased trade tariffs, European Commission President Ursula von der Leyen said today.

“Our first priority now is to work on the many areas where our interests converge, from critical supply chains to emerging technologies. Settle any grievances and lay the foundations for a strong partnership,” von der Leyen said in a speech.

“We will be open and pragmatic about how we will achieve this. But we will make it equally clear that we will always protect our interests – as and when necessary.”

In addition, Luxembourg’s Foreign Minister Xavier Betel said today that US President Donald Trump would be constructive in trade talks with the EU to avoid a trade war and rising inflation in the US economy.

Bettel said ahead of a meeting of EU foreign ministers in Warsaw: “All European products, if you have to pay a lot more for them, ultimately it’s inflation. And I think Donald Trump was also elected to reduce inflation, not to increase inflation.”

The EU will respond with similar tariffs if the US imposes tariffs on European products, Bettel added. “I know that usually the smartest one is the one who gives up,” he said. “But here’s something you have to respond to.”