EU chief Ursula von der Leyen declared Tuesday that Europe was ready to negotiate with US President Donald Trump but the bloc will also seek to improve ties with China and other nations as global competition heats up.

Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland.

The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.

"We will be pragmatic, but we will always stand by our principles. To protect our interests and uphold our values," she said.

Trump returned to the White House on Monday, bringing with him fears he will deliver on promises to slap heavy tariffs on China and US allies including Canada and the European Union.

After his inauguration, Trump said he may impose 25 percent tariffs on Canada and Mexico as early as February 1.

He also announced the United States' withdrawal from the Paris climate accord, which the European Commission president defended as the "best hope for all........

© International Business Times