The Group of 20 summit is under way in Buenos Aires. Image: iStock
The Group of 20 summit is under way in Buenos Aires. Image: iStock

EU finance chief Pierre Moscovici on Sunday called on the US and European Union to “act as allies,” AFP reported.

Tensions between the US and EU have been rising since US President Donald Trump angered his country’s European allies by announcing tariffs on steel and aluminum as he introduced trade restrictions aimed at China.

At the Group of 20 summit in Buenos Aires, Moscovici  said, “What I stressed several times in my meetings here is that the EU is certainly not the author of major trade imbalances.”

Referring to Trump calling the EU one of its greatest “foes,” Moscovici said Europe is “willing to build bridges.”

On Saturday, US  Treasury Secretary Steven Mnuchin told the conference, a gathering of finance ministers and central bankers from the world’s 20 largest economies, that he sought to “balance” America’s trade relationships with China and the EU to achieve “free, fair and reciprocal trade.”

However, Moscovici stressed that “targeting us is certainly inappropriate… and that we must act with the US as allies – not foes but allies.”

He added: “These meetings take place in an international context which is changing. The multilateral system of which the G20 is a central piece is under significant pressure, trade tensions are high and threaten to escalate further. All of this creates uncertainty for the economic outlook. We must remain cool-headed.”