One of Donald Trump's first acts as President was to pull out of TPP
Cecilia Malmstrom said: “Mr Trump had set an international protectionist spiral into motion and his actions could have very grave consequences for society in general. Consumers will be the hardest hit by his protectionist policies.”
Mrs Malmstrom said that protectionism was a “very bad idea” that would only bring “short-term relief”.
She added Mr Trump’s decision to turn inward and withdraw the US from the TPP would have a “devastating effect” on the global economy.
She said: “Mr Trump is what we call a ‘deal maker’. He believes that you are either a winner or a loser.
“But we, as Europeans, believe that everyone can emerge a winner when striking a trade deal.
“I cannot stress enough the importance of multinational trade deals. The TPP, one of Barack Obama’s top priorities in 2016, was, in part, designed to counter the rise of China.
Being President Trump: Key Moments
Tue, January 31, 2017
Inside Donald Trump's first week in the White House.
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US President Donald J. Trump attends a meeting on cyber security, in the Roosevelt Room of the White House, in Washington, DC, USA, 31 January 2017
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Mr Trump has been accused of 'turning inwards' and that it would have a negative effect on consumer
But we, as Europeans, believe that everyone can emerge a winner
“Everyone, including the US, has benefited from this deal, which keeps countries in check and helps make sure that everyone is playing by the same rules.”
Mrs Malmstrom also addressed concerns the US president was preparing to scrap the Transatlantic Trade and Investment Partnership with Europe.
She said: “We will survive without the US. In fact, we are already moving forward without them.”
Mrs Malmstom claims the EU is already taking steps to move on without the USA
The EU’s trade chief also commented on the looming spectre of Brexit, and confirmed that Britain would not be able to strike separate trade deals with individual member states or with non-EU countries until it had “formally left the Brussels bloc”.
She said: “They’re putting out feelers, which is perfectly normal. But British officials will soon realise that negotiating deals as a bloc is a lot easier than having to strike out on your own.”