Europe warns of the trade war: are Trump's tariffs a serious threat?
Europe warns of the trade war: are Trump's tariffs a serious threat?
Brüssel, Belgien - Trade relationships between the United States and the European Union are on the verge of an explosive escalation. As oe24.at , the European heads of state and government have serious concerns in view of the impending introduction of imports by US President Donald Trump. During an informal EU summit in Brussels, Interim Chancellor Alexander Schallenberg warned that all sides were negatively affected by a trade war that could favor China in the worst case. Schallenberg, however, emphasized the EU's determination to protect its economic interests.
President Trump announced on Sunday that the introduction of tariffs to European products could be imminent in the near future in order to remedy the massive trade deficit of around $ 300 billion with the EU. German manufacturers would be particularly affected, since Trump focuses particularly on the automotive sector and European foods such as champagne. He certified the EU to "exploit" the United States and called for a drastic revision of the trade agreements. According to Tagesschau , the EU could be forced to take appropriate countermeasures. Chancellor Olaf Scholz underlined that Europe is able to react to the US tariffs and thus defend their own market position.
Immediate consequences of customs policy
The impending tariffs, which are already evident against countries such as Mexico and Canada, have already led to counter -reactions. Canada's Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum announced retaliation duties of 25 percent. The rapidly falling demand from these countries could also affect the European market, since as a buyer for European products, they could have less demand. Diseases in the automotive industry are a worrying episode that could affect even large manufacturers such as VW and BMW. The French central bank boss Francois Villeroy de Galhau warned of the risk that this situation could further increase economic uncertainty in Europe.
In order to meet the impending crisis, the EU indicated possible measures, including increased imports of US raw materials such as oil and gas to reduce the tensions. At the same time, the EU wants to move into a position and make it clear that unfair trading practices are not acceptable. The focus is on developing a uniform strategy to strengthen the European Union and find an answer to the aggressive tariffs of Trump that could threaten economic relationships.
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Ort | Brüssel, Belgien |
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