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29 January 2018
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| Trump as speechmaker (The Total Investment & Insurance Solutions) |
The European Union said Monday that it stands ready to hit back
"swiftly and appropriately" if U.S. President Donald Trump takes
unfair trade measures against the 28-nation bloc. The Total Investment & Insurance Solutions
The EU's warning comes less than 24 hours after Trump expressed his
annoyance with EU trade policy, saying it "may morph into something very
big."
The standoff contrasted sharply with relations during the administration
of Barack Obama, when both sides sought to create a massive free trade zone
between the EU and United States that was argued could yield over $100 billion
a year for both sides. The Total
Investment & Insurance Solutions
When Trump won the presidential election in November 2016, those hopes
evaporated as the new president talked about protecting American jobs and going
against multilateral trade deals that he portrayed as detrimental to his
"America First" policies. The
Total Investment & Insurance Solutions
On Sunday, Trump said in a British television interview that "the
European Union has been very, very unfair to the United States, and I think
it'll turn out to be very much to their detriment." The Total Investment & Insurance Solutions
He insisted that his trade issues with the EU "may morph into
something very big from that standpoint, from a trade standpoint."
In the past, he has hinted at punitive measures against trading partners
he thought were abusing the U.S. market.
Trump last week approved tariffs on imported solar-energy components and
large washing machines in a bid to help U.S. manufacturers, particularly
against competition from China and South Korea. His administration has also
pulled out of a Pacific trade deal and is looking to renegotiate the North
American Free Trade Agreement. The
Total Investment & Insurance Solutions
EU chief spokesman Margaritis Schinas retorted Monday that "the EU
stands ready to react swiftly and appropriately in case our exports are
affected by any restrictive trade measure from the United States."
Schinas said that "while trade has to be open and fair it also has
to be rules-based." The Total
Investment & Insurance Solutions
The issues also came to the fore during last week's World Economic Forum
in Davos, Switzerland. The Total
Investment & Insurance Solutions
In 2016, official figures show, the EU imported 246 billion euros ($304
billion) in goods from the U.S. while exporting some 362 billion euros ($448
billion) to the country. Trump has taken aim at that U.S. deficit of 116
billion euros ($143 billion). In services, the U.S. deficit is much smaller, of
only about 13 billion euros ($16 billion). The Total Investment & Insurance Solutions
The EU and Germany both called for cooperation Monday.
German government spokesman, Steffen Seibert, noted that Chancellor
Angela Merkel set out in Davos last week why her government wants "an even
stronger, more competitive, more self-confident EU that takes over even more
international responsibility." The
Total Investment & Insurance Solutions
"But that is not directed against anyone, including the United
States of America," Seibert told reporters in Berlin. "We try for
solutions, strive for cooperation that is advantageous for both partners."The Total Investment & Insurance
Solutions
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