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Economic News: Trust Among The US and EU at its all-time low

March 13, 2019 | Wednesday

Global Economy

   

On Wednesday, European lawmaker says that trust between the United States and the European Union is at an "all-time low." That was upon both side fails to find probable ground on trade.

Elsewhere, last week attempting to straighten out their differences on trade, European and American trade representative met in Washington. However, the settlement talks reach a deadlock as both sides can't have an agreement regarding the topic on Europe's buying more of the United States agricultural products. Moreover, the United States President Donald J Trump has at superiorities with Europe.

During 2018, President Trump approaches to impose tariffs up to 25 percent on European cars. Additionally, to raise tolls on steel and aluminum imports coming from Europe.

Marietje Schaake, European parliament member says, "trust is really at an all-time low." She explains, “The EU is very clear that we want to have rules-based trade, we want to strengthen the multilateral system and we think it is to our mutual benefit to have the U.S. as a partner here." Additionally, she said, “But President Trump clearly has other ideas. He believes in a more protectionist, nationalist agenda and it’s hard to deal with because we don’t really know what we can discuss there.”

US and EU against China

Moreover, according to Schaake, the dispute between the United States and Europe also indicates that both sides are losing the opportunity to work together to stand against China's alleges unfair trade.

Elsewhere, President Trump attacks Beijing repeatedly in its practices including intellectual property theft, huge trade imbalances among the two countries, and restrictions on American-based companies planning to operate in China.

Tensions among the two of the worlds biggest economies go towards a side by side tariff fights for a whole year during 2018. That only stopped upon President Trump and China President Xi Jinping agrees to halt imposing for additional tariffs on each other's products in December. Both also agreed to settle and negotiate a trade deal.

   

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