• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Leadership

Trump Is ‘Doomed to Fail,’ Says EU Trade Chief

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
January 24, 2017, 11:59 AM ET
BELGIUM-EU-ECONOMY-POLITICS
European Union Commissioner for Trade Cecilia Malmstrom talks to the media at the European Union Commission headquarters in Brussels, on November 9, 2016. / AFP / THIERRY CHARLIER (Photo credit should read THIERRY CHARLIER/AFP/Getty Images)THIERRY CHARLIER AFP/Getty Images

President Donald Trump’s aim of making America great again with tougher policies on immigration and trade are doomed, according to the official in charge of the European Union’s trade affairs.

“Those who in the 21st century think that we can become great again by rebuilding borders, reimposing trade barriers and restricting people’s freedom to move, they are doomed to fail,” Trade Commissioner Cecilia Malmström said in a speech. “Building a wall is not the answer.”

Europe’s politicians need to keep their spirits up after being thoroughly disoriented by the election of a man who rejects the open markets and borders that the EU has relied on to drive both prosperity and political integration. They’re also acutely aware of the new President’s support for the U.K.’s decision to leave the EU, and they resented his prediction at the weekend that more members would follow the U.K. out of the union.

 

Just as importantly, Trump’s campaign promises to impose tariffs on companies selling into the U.S., and to negotiate lower drug prices with major pharma companies, have already started to hit the share prices of European companies. Germany’s automakers all lost between 1.5% and 2% after Trump threatened BMW (BMWYY) with a border tax on cars made at its new plant in Mexico last week. And the President’s claim that drug companies are “getting away with murder” has also hit the share prices of companies like France’s Sanofi (SNYNF) and Danish insulin maker Novo Nordisk (NVO).
The U.S.’s trade deficit with the EU hit a new record high of $155 billion in 2015 and is likely to have fallen only by a whisker in 2016, having reached $134 billion by November. For context, that’s twice the size of the country’s deficit with Mexico ($59 billion), but less than half of the deficit with China ($320 billion) in the first 11 months of last year.

Malmström admitted that there was – for the foreseeable future – little hope for the Transatlantic Trade and Investment Partnership, a deal launched by President Barack Obama to help U.S. digital and service-based companies crack an EU market that’s still tightly protected.

“The election of Donald Trump seems likely to put our EU-U.S. negotiations firmly in the freezer, at least for a while,” she said.

Malmström glossed over the visceral resistance to TTIP in much of Europe, notably Germany, due to concerns about data privacy and the scope for private companies to sue national governments in independent tribunals.

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

foxman
PoliticsObituary
Abe Foxman, longtime director of Anti-Defamation League, dies at 86
By The Associated PressMay 11, 2026
6 hours ago
Nvidia CEO Jensen Huang
Economyconstruction
Jensen Huang’s message to electricians and plumbers: ‘This is your time,’ as AI buildout leads to soaring demand for skilled trades
By Tristan BoveMay 11, 2026
9 hours ago
worker alone in empty office
Future of WorkTech
AI isn’t paying off in the way companies think. Layoffs driven by automation are failing to generate returns, study finds
By Jake AngeloMay 11, 2026
9 hours ago
Amy Hood
SuccessCareers
Microsoft’s CFO admits she joined the tech giant without even knowing her salary—and then missed her first day of work
By Preston ForeMay 11, 2026
10 hours ago
TIAA CEO Thasunda Brown Duckett’s 3 rules for Gen Z entering the workforce: Adapt, lean in, and build a bigger table
SuccessGen Z
TIAA CEO Thasunda Brown Duckett’s 3 rules for Gen Z entering the workforce: Adapt, lean in, and build a bigger table
By Sydney LakeMay 11, 2026
10 hours ago
Poppi cofounder Allison Ellsworth
SuccessEntrepreneurs
Poppi cofounder maxed out credit cards and sold her car to fund the company—now, she’s a multimillionaire after a $1.95 billion sale
By Emma BurleighMay 11, 2026
10 hours ago

Most Popular

OpenAI CEO Sam Altman says Gen Z and millennials are using ChatGPT like a 'life advisor'—but college students might be one step ahead
Tech
OpenAI CEO Sam Altman says Gen Z and millennials are using ChatGPT like a 'life advisor'—but college students might be one step ahead
By Sydney LakeMay 10, 2026
2 days ago
‘This is the way’: Elon Musk endorses Warren Buffett’s famed 5-minute plan to fix the national debt
Economy
‘This is the way’: Elon Musk endorses Warren Buffett’s famed 5-minute plan to fix the national debt
By Jacqueline MunisMay 10, 2026
2 days ago
Forget U.S. debt, China's total borrowing is in 'a league of its own'—much worse and deteriorating faster, analyst says
Economy
Forget U.S. debt, China's total borrowing is in 'a league of its own'—much worse and deteriorating faster, analyst says
By Jason MaMay 11, 2026
9 hours ago
Red flag test: former CEO explains why he rejects job candidates who say they can start right away
Success
Red flag test: former CEO explains why he rejects job candidates who say they can start right away
By Orianna Rosa RoyleMay 9, 2026
3 days ago
Microsoft’s CFO admits she joined the tech giant without even knowing her salary—and then missed her first day of work
Success
Microsoft’s CFO admits she joined the tech giant without even knowing her salary—and then missed her first day of work
By Preston ForeMay 11, 2026
10 hours ago
'Employers are increasingly turning to degree and GPA' in hiring: Recruiters retreat from ‘talent is everywhere,’ double down on top colleges
Future of Work
'Employers are increasingly turning to degree and GPA' in hiring: Recruiters retreat from ‘talent is everywhere,’ double down on top colleges
By Jake AngeloMay 9, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.