The European Union wants to engage and negotiate with U.S. President Donald Trump, European Commission President Ursula von der Leyen said on Tuesday, warning of the risk of a "global race to the bottom" using tools such as tariffs.

The European Commission chief did not explicitly mention the new US president or his trade policies, but underscored the number of American jobs tied to European trade.

European Commission President Ursula von der Leyen warned of a 'global race to the bottom' using economic tools like sanctions and tariffs. She emphasized the need for innovation and cooperation to maintain global economic bonds,

Europe has entered a new era of harsh geostrategic competition and will have to work together to avoid a global race to the bottom, European Commission President Ursula von der Leyen said on Tuesday at the World Economic Forum in Davos.