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Even President of European Commission is not convinced. “This is is actually a stupid process that we need to do. But we must estun, “says Jean-Claude Juncker on EU’s plans to impose customs duties on import of Harley-Davidson, Levi’s Jeans UndBourbon whiskey from USA. The move is a response to increase in import duties that U.S. President Donald Trump announced last week for Steel UndAluminiumimporte.
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AmMittwoch should be EU decision – if re is a template in Washington by n. Juncker finds this “like you to me, as I do to you” patently primitive. “We can be so stupid too, we have to be stupid too,” he says. “I would have preferred not to have done so.” His vice-Jyrki Katainensagte Handelsblatt that scope of EU action should be as large as expected losses on European side.
But are such countermeasures actually right response to Trump’s protectionist trade policy? Politicians and economists have been warning for days that it is einenHandelskrieg to avoid any price, and that in end it is not nurUnternehmen, but also consumers – on both sides. “We do not want a trade war,” said a spokesman of federal government on Monday. FürDeutschland are USA’s most important trading partner outside EU. Zölleerhöhen prices can affect entire trade flows worldwide. At Endekönnte, economic boom that many states are currently experiencing, schnellerals thought to be over.
Womöglichwäre, it is better not to react at all to prevent “domino effect”, which European Commission has already warned about. From viewpoint of Stefan Collignon, senior research fellow at London School of Economics, EU responds just right. The tariffs are appropriate because y are clearly outlined and not a comprehensive counterattack. “They set a signal, but y are not an economic war,” says Collignon. America first means protecting US economy, even if it hurt or. “Europe cannot simply sostehen this.”
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With planned tariffs, EU will meet Allemdie electoral districts influential Republican congressman: Harley-Davidson is headquartered in Milwaukee, Wisconsin, home of for Paul Ryan, Speaker of House of Representatives. At beginning of week, he was “extremely concerned about consequences of a trade war” and demanded from US government not to pursue plans. And Bourbon is produced, among ors, in Kentucky, seat of Republican majority leader in Senate, Mitch McConnell. International trade policy also works like this: responding to measures.
Examples can be found in past abound. Legendary is banana dispute between USA and EU from nineties. At that time, EU tried to keep cheap bananas out of USAmit tariffs, while bananas from former FranzösischenKolonien remained duty-free. The US, in turn, reacted with customs duties, and sued EU at end of WelthandelsorganisationWTO. The banana war ended with EU’s defeat: it had to radically reduce dieEinfuhrzölle and pay a million-dollar penalty.
