Podcast Summary: Bloomberg Talks

Episode: US Ambassador to EU Andrew Puzder Talks 'Made in Europe'

Date: February 20, 2026
Host: Bloomberg (Stephen, Stephanie Flanders)
Guest: Andrew Puzder, US Ambassador to the European Union

Episode Overview

This episode features a timely and candid discussion with Andrew Puzder, the current US Ambassador to the EU. The conversation centers on the state of transatlantic relations following a year of political turbulence, focusing particularly on the US-EU trade deal, growing industrial policy frictions, and defense cooperation. Ambassador Puzder provides insider perspectives on the future of the framework trade agreement, the 'Made in Europe' initiative, and ongoing doubts about the reliability of the US as a European security partner.

Key Discussion Points & Insights

1. Current State of Transatlantic Relations

• Context: The US-EU trade framework, agreed in the previous summer, is awaiting approval from the European Parliament.
• Backdrop: Uncertainty caused by President Trump’s remarks on Greenland and US military posture.
• Ambassador Puzder’s Take: The mood at diplomatic events is focused on trade, critical minerals, and regulatory reform—not Iran or military intervention.

  “You talk about the trade deal, you talk about critical minerals, you talk about regulatory reform, deregulation, but nobody really brought up Iran.”
  (Andrew Puzder, 02:31)

2. European Parliament’s Conditions on the Trade Deal

• New Conditions: Time limit (sunset clause) of 2028; possible suspension if the US raises tariffs.
• Process: These amendments are committee proposals, not yet ratified by the full Parliament (vote scheduled for March 9 in Strasbourg).
• US Response: Ambassador Puzder is cautious, declining to comment before final approval but making a point of attending the vote.

  “Just my being there will, I think, make a statement about how important the deal is to us.”
  (Andrew Puzder, 04:11)

• Sunset Clause Skepticism: Puzder expresses frustration about repeating lengthy approval processes.

  “I hate to think that in a couple of years we’re going to do all this again.”
  (Andrew Puzder, 04:28)

3. Tariffs & Trade Barriers (Steel, Aluminum, and Derivatives)

• Ongoing Frictions: Dispute over US tariffs on steel and aluminum and their derivatives.
• Potential Solutions: US officials are reportedly working on a fix, but EU’s own non-tariff measures such as the Carbon Border Adjustment could be seen as equally protectionist.

  “The EU’s carbon border adjustment mechanism...puts a tax on US products...the same things are covered by the derivative tax and by the carbon border adjustment mechanism.”
  (Andrew Puzder, 06:30)

4. ‘Made in Europe’ Industrial Preferences

• EU Debate: The European Commission is considering rules favoring EU-made products across industries, especially defense.
• US Concerns: Puzder argues these violate the intent and letter of the framework trade agreement and threaten deeply integrated transatlantic supply chains, notably in defense.

  “Made in Europe rules would be direct contravention of...the framework trade Agreement...I think adopting them would be a serious mistake, particularly in the area of defense.”
  (Andrew Puzder, 07:33)

• Defense Interoperability: A “Buy Europe” approach could disrupt shared defense manufacturing just as Europe is grappling with the war in Ukraine.
• Diplomatic Engagement: US is actively engaging the Commission, Council, and Parliament—including through co-authored op-eds by Puzder and US Ambassador to NATO, Matt Whitaker.

5. The Rearm Europe Program & Doubts Over US Commitment

• EU Goal: More than 50% of European weapons to be EU-made amid doubts about continued US reliability.
• Ambassador’s Rebuttal: Highlights deep US-EU industrial cooperation, sustained NATO commitments, and military presence.

  “We have more troops here in Europe than all of the European militaries added together...our nuclear umbrella that protects Europe, that’s not going anywhere.”
  (Andrew Puzder, 11:52)

6. French and European Nuclear Autonomy

• Macron's Proposal: Speculation about France providing a European nuclear umbrella.
• Puzder’s Response: Skeptical about France’s capacity to do so at scale.

  “He’d have to produce a whole lot more nuclear weapons than he has currently. And I don’t know that France is in a particularly advantageous economic position to do that.”
  (Andrew Puzder, 12:29)

7. Economic Growth and Regulation in Europe

• Growth Stagnation: Ambassador argues that excessive regulation stifles European innovation and competitiveness.

  “Europe talks about competitiveness. I wish they would stop talking about how they’re going to compete with other people and just talk about how they’re going to grow their economy.”
  (Andrew Puzder, 13:40)

• Reindustrialization: Calls for deregulation and true pro-growth policies rather than more complicated rules or protectionist industrial policies.

  “We need deregulation, not simplification...The problem is you just have too many regulations, period.”
  (Andrew Puzder, 14:26)

• European Leaders’ Agreement: Notes that leaders like Chancellor Merits and Prime Minister Dev have voiced similar concerns about over-regulation.

Notable Quotes & Memorable Moments

• On Diplomatic Realities:
  “Nobody asked about Iran. That wasn’t a topic.”
  (Andrew Puzder, 02:31)

• On Industrial Policy and Defense:
  “A focus on having our defense products be interoperable...this by Europe preference...is a real threat to our defense industrial base. And that worries me a lot.”
  (Andrew Puzder, 08:32)

• Sharpest Rebuttal of EU Nuclear Autonomy:
  “He’d have to produce a whole lot more nuclear weapons than he has currently. And I don’t know that France is in a particularly advantageous economic position to do that at the moment.”
  (Andrew Puzder, 12:29)

• On European Economic Policy:
  “We need to see Europe participating in the AI economy. We need to see the kinds of growth...When it grows, it will be competitive.”
  (Andrew Puzder, 13:43)

Timestamps for Important Segments

• Trade agreement progress & Parliament conditions: 01:07–05:27
• Tariffs and carbon border adjustment: 05:27–07:04
• ‘Made in Europe’ policy risks: 07:04–09:01
• Defense industry and US commitment: 10:57–12:24
• European nuclear autonomy debate: 12:24–12:40
• Economic growth, deregulation, and innovation: 12:44–15:39

Overall Tone and Takeaways

Ambassador Puzder adopts a pragmatic and forthright tone, expressing both frustration and optimism. He emphasizes the importance of sustained negotiation, warns against protectionism, and urges European policymakers to focus on pro-growth policies over regulatory complexity. Throughout, Puzder positions the US as a committed security partner and a constructive critic of European economic strategy, challenging the EU to prioritize real economic growth and defense unity above short-term industrial wins.

This episode is a must-listen for anyone seeking insight into the next phase of US-EU relations, particularly those watching the evolution of industrial policy, transatlantic defense, and economic competitiveness in a changing world.