US risking economic growth in Europe with trade threats, EU warns
The European Union has warned the United States that threatening others with trade barriers would severely jeopardize prospects of economic growth in Europe.
The European Commission, EU’s executive arms, warned Thursday that US President Donald Trump’s fixation with imposing tariffs on trade with countries of the eurozone was a serious threat that could undermine the region’s economic growth.
The commission said countries in the eurozone, the 19-country single currency bloc, would be hugely affected by Trump’s trade barriers as well as his other policies like a massive tax cut.
“An escalation of trade protectionism presents an unambiguously negative risk to the global economic outlook,” the commission said in its economic forecasts for 2018 and 2019, adding that tax cuts and inward-looking trade policies present “a dangerous nexus.”
EU Economic Affairs Commissioner Pierre Moscovici said that Washington’s growing inclination to adopt protectionist policies in trade with other countries was affecting the end-users of products.
“The biggest risk to this rosy outlook is protectionism, which must not become the new normal: that would only hurt those of our citizens we most need to protect,” said Moscovici.
EU authorities have repeatedly reiterated that the bloc is not to blame for the overcapacity in the steel and aluminum industries and should not be subject to US trade tariffs which Trump says are mainly aimed at China.
The European Commission said on Tuesday that Trump’s decision a day earlier to extend the EU’s exemption from tariffs was positive, but insisted that the decision could add to the existing uncertainty in the market.
Trump imposed the tariffs last month on the grounds that American producers crucial to military preparedness were being undermined by cheap imports.
The EU countries have warned that they could also impose their own punitive tariffs on US-made goods if the exemptions are not made permanent. Those tariffs would affect 2.8 billion euros ($3.4 billion) of US exports, while the EU’s metal exports to the United States, which could be affected by new tariffs, are worth 6.4 billion euros.
West-funded body conspired against EU anti-fraud office after corruption findings: Report
EU slams US over visa ban on officials regulating 'online censorship rules'
US weighs sanctions against Spanish ships over blocked arms shipment to Israel
Mali, Burkina Faso impose reciprocal travel bans on US citizens
VIDEO | Winter deepens suffering of displaced families in northern West Bank camps
Probe reveals suspiciously ‘precise’ Israeli airstrike killed 15 family members in S Gaza in 2024
VIDEO | Trump, Netanyahu against Iran
UNRWA chief warns Israeli restrictions will deepen Gaza crisis
China's factory activity snaps record slump
VIDEO | Iranians rally in support of Islamic Republic
Israel begins demolition of 25 homes in West Bank refugee camp
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
