Announcements by US President Donald Trump about imposing tasks
US President Donald Trump announced that he would impose 25 % tasks on foreign steel and aluminum, as well as more tasks in a number of countries. Such taxes, ie 25 percent for steel and 10 percent on aluminum, were imposed by Trump in the first term, but then Canada, Mexico and Brazil were partially excluded from them. In turn, during the presidency of Joe Biden, the European Union, Japan and Great Britain.
Urgent meeting
“Rzeczpospolita” writes about the nervous movements in Brussels, which prepares for an answer as President Trump decided to go to the EU trading war. “Polish presidency has organized an urgent teleconference of EU ministers on American announcements of the trade war on Wednesday afternoon. No decision has been taken yet, so there can be no EU against -Vism, but in the light of the ever -strong strong Threats on the part of the US managed by President Trump Europe must show unity: “We read.
American tasks would be a serious blow to the EU countries. As a whole, the Union Steel and Aluminum exports to the US for around EUR 6 billion per year, EUR 3 billion for each of these raw materials. The imported one in the US is 2.5 percent, while in the EU no less than 10 percent. “Added to this is VAT, what Washington now deals with as an extra fee. However, the trade union would be difficult to reduce customs from 10 % to 2.5 percent, because then automatically (according to the rules of the clause with the highest privilege) It would also be to reduce the tasks on the import of cars from other Member States of the World Trade Organization (WTO), including from China, “we have read.
Touching the car industry
– We are very concerned about the possible imposition of tasks by the United States. Instead of “wet for wet for wet” EU and the US, they must work together to reach a big agreement to prevent a potential trade conflict -said Sigrid de Vries, Secretary General of ACEA, the EU federation From the motor industry.
Brussels argues that the US is not at hand. The trade union calculates that the EU and the US buy goods and services for EUR 1.5 billion per year. – The EU sees no justification for imposing tasks on our exports, which have opposite effects for the intended. Rates are taxes, bad for companies, even worse for consumers and harmful to the global trading system – said Maros Sefcovic, EU -trade commissioner.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
