The protectionist way in which the United States is pushing the dearly-needed green transition of their own economy hurts our interests. Our friends and partners in the United States are deviating important investment from the European to the US markets, thus effectively promoting European deindustrialisation somewhat, even if unintended. That runs counter to our shared interest, also to their own. And it has effects beyond just the economic dimension because it contributes to a creeping crisis of trust.

Of course, I wish you well, Executive Vice-President, with the talks that you have ahead of you, but I will still reserve judgment as to what can effectively be done in the negotiations. So we have to focus on what we can do ourselves. I certainly support the reform of state aid rules. I think we should invest together, as Ernest Urtasun has emphasised, in a smart, fair and WTO-compatible way. And we should also go back to looking at the fragmentation that still exists in the single market and try to overcome that. One thing we should not do: we should not retaliate against protectionism with our own protectionism.

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