Trump says: “European Union is nastier than China”

President Trump during a news conference in the Roosevelt Room of the White House on May 12 in Washington, D.C.
Photo: AFP

President Trump said the "European Union is, in many ways, nastier than China," during a news conference on Monday, ‘Axios’ reports.

Why it matters: The stakes of a prolonged U.S.-EU standoff over Trump's tariffs are high. With nearly a trillion dollars worth of trade last year, U.S. companies exported more than twice to the EU what they sent to China.

Driving the news: During the news conference, Trump announced an executive order aimed at cutting prescription drugs and pharmaceutical prices.

He said that Europeans should have to pay more for health care and take on financial burdens.

Trump said the U.S. has "all the cards" in trade deals with the EU.

What he's saying: "The health care companies should make pretty much the same money," Trump said. "I really don't believe they should be affected very much because it's just a redistribution of wealth."

"Europe's going to have to pay a little bit more. The rest of the world is going to have to pay a little bit more," he added. "And America is going to pay a lot less."

He said the U.S. has been "subsidizing" Europeans' health care.

By the numbers: Trump, in his remarks Monday, insisted Europe sells the U.S. 13 million cars a year and the U.S. sells none in return.

The European Automobile Manufacturers Association has said it's not quite that stark, according to a March fact sheet.

About 750,000 cars were exported from the EU to the U.S. last year, against about 170,000 cars exported from the U.S. to Europe.

Our thought bubble, from Axios' Ben Berkowitz: Trump's tough talk with Europe may go farther than it did with China, which responded to his tariffs almost instantly with their own tit-for-tat retaliation.

The EU, on the other hand, recently launched a public review of a proposed list of $100 billion in possible tariff targets, which will last a month and be followed by more political negotiations, before any possible implementation in mid-summer.

Any trade talks may also be colored by the administration's well-known skepticism about America's relationship with Europe.

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