Germany's Chancellor-elect Merz said Trump's tariff policy increased the risk of a financial crisis and advocated a U.S.-EU free trade agreement. "I want a new transatlantic free trade agreement with zero tariffs on everything, which is good for both sides," he said. The European Union has proposed reciprocal "zero-to-zero" tariffs on U.S. industrial goods. Trump told reporters on Monday that the proposal was not enough, suggesting Europe should offset the tariffs by buying U.S. energy. Merz said Europe would have to focus on non-U.S. markets if the U.S. decides to pull out of global trade altogether. "Trump's policies are increasing the risk of the next financial crisis coming early," Merz said. We Europeans need a convincing response. "