OUR NEWS

EU vows to strike back at Trump trade threat

February 22, 2018

 

 

The EU warned on Tuesday it would take “appropriate measures” to defend its interests if the US imposes tough trade sanctions as President Donald Trump delivers on his protectionist policies. 

 

The US Commerce Department on Friday recommended imposing heavy tariffs on China, Russia and European exporters to counter a global glut in steel and aluminium, laying out an array of possible options in a report to Trump.

 

The move hands Trump his first opportunity to deliver on the “America First” trade promise, but has stoked fears of retaliation and a global trade war.

European Commission spokesman Margaritis Schinas said Brussels would be “deeply concerned” by any sanctions hitting EU businesses.

 

“We would be taking appropriate measures to defend EU industry, and we stand ready to react swiftly and appropriately in case our exports are affected by any restrictive trade measures from the United States,” Schinas told a daily briefing.

But Schinas insisted that international trade would always remain “win-win” if partners played by the rules. 

 

“We are not in a trade war,” he said.

 

Trump has until mid-April to decide whether he will move forward, with expectations high that any US action is likely to be challenged by exporting nations in the World Trade Organization.

 

The commission, which handles trade policy for the EU’s 28 member states, however refused to comment on reports that officials had already drawn up specific measures to counter Trump.

 

Germany’s Frankfurter Allgemeine Zeitung newspaper reported Tuesday that Brussels was mulling tarrifs on Harley-Davidson motorcycle imports as well as bourbon from Tennessee and Kentucky.

 

Washington’s recommended steel and aluminium sanctions address long-standing concerns about mainly Chinese overproduction, but take the extraordinary tack of framing them in terms of national security and defence.

 

The administration of former President Barack Obama also sought to tackle the subject but emphasised trade talks with China rather than punitive measures.

 

The US proposals could hurt European countries as well as China, which is the world’s largest steel producer but provides less than one percent of US imports and sells only 10 percent of its wrought aluminium abroad.

Please reload

Recent Posts

Please reload

SUBSCRIBE TO OUR NEWSLETTER

Keep up to date with the latest news and services from Oakmark Global Vision

WEST AFRICA'S NO.1 ECONOMIC AGENTS

REGIONAL OFFICE

INTERNATIONAL OFFICE

CONNECT WITH US

SITE MENU

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

King Court, 17 School Road
Hall Green Birmingham
United Kingdom  B28, 8JG

+234 -(0)- 929 207 02
+234 (0) 808 643 0422

+44 (0) 121 244 1814
+44 (0) 746 625 2505

© 2019 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

WEST AFRICA'S NO.1 ECONOMIC AGENTS
  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey Instagram Icon
  • Grey LinkedIn Icon