The European Union is “open for business” and keen on global partnerships, European Commission President Ursula von der Leyen said Tuesday, as the world braces for the trade protectionism of newly inaugurated U.S. President Donald Trump.

“Europe will seek cooperation, not just with longtime likeminded friends, but with any country we share interests with,” Von der Leyen said during her official address at the World Economic Forum in Davos, Switzerland. She suggested that, when it comes to challenges like climate change and artificial intelligence, countries must work together even amid a backdrop of “harsh competition.”

“Our message to the world is simple: if there are mutual benefits in sight, we are ready to engage with you. If you want to upgrade your clean tech industries, if you want to upscale your digital infrastructure, Europe is open for business,” Von der Leyen said.

The European Commission chief also noted that she saw growing interest from around the world to engage more with Europe, pointing to partnerships that the bloc has struck with Switzerland, Mexico and South American trade bloc Mercosur.

Europe is looking to boost cooperation with any countries open to collaboration, including partners like the U.S., Von der Leyen said, noting the close integration of the U.S. and EU economies. For example, she noted that many American workers are employed by European companies, and she also pointed to mutual supply chains and trade between the two countries.

“A lot is at stake for both sides,” she said. “Our first priority will be to engage early, discuss common interest and be ready to negotiate. We will be pragmatic, but we will always stand by our principles, we will protect our interests and uphold our values because that is the European way.”

Questions have risen over the future of the European Union’s trade relationship with historical ally Washington, after Trump threatened to impose tariffs on goods from the EU. The measures could significantly impact the bloc’s economies.

“While some in Europe may not like this new reality, we are ready to deal with it,” von der Leyen said.

German Chancellor Olaf Scholz meanwhile said that the U.S. remained Germany’s closest ally outside of Europe, adding that he would do everything he could for this to remain the case.

In his address at the World Economic Forum, Scholz on Tuesday said maintaining this relationship would be in the mutual interest of the U.S. and Germany and that close cooperation between the two was “indispensable for peace and security around the globe,” according to a WEF translation to English. He also said the country’s partnership was key for economic development.

Scholz disclosed that he has had “good first talks” with Trump, but noted that “at the same time, it is absolutely clear President Trump and his government will keep the world in suspense” with respect to various policy areas.

“We are able and will be dealing with this, without any excitement and indignation but also without fake cozying up and telling them what they want to hear,” Scholz said.

The European Commission’s Von der Leyen also that “we should strive for mutual benefits” when talking to the world’s second largest economy, China, with whom the bloc has previously been at odds with over trade and tariffs. Among other steps in their long-standing tit-for-tat economic measures, the EU has imposed duties on imported Chinese electric vehicles, while Beijing launched an anti-dumping investigation into brandy from the EU. China has also been on the receiving end of Trump’s trade threats.

“2025 marks 50 years of our union’s diplomatic relations with China. I see it as an opportunity to engage and deepen out relationship with China and where possible eve to expand out trade and investment ties. it is time to pursue a more balanced relationship with China,” Von der Leyen said.