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Economic interested people are confronted in DiesenTagen with unusual vocabulary: talk of “trade war”, of “retaliation” and – in time Dervergangenen week – of “Trump’s attack on Germany”. Occasionally, media also paint Drohendewirtschaftliche apocalypse on wall, with reference to GroßeDepression in 1930s.
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It all started with US President Donald Trump’s DerAnkündigung to introduce import duties on steel and aluminum. The EU threatened with Vergeltungszöllenauf products such as Harley-Davidson motorcycles or bourbon whiskey, whose producers are in swing states or competitive Wahlkreisenangesiedelt. Trump took bill thankfully and brought umgehendweitere punitive duties on German cars into play.
Andrew Darko
Is professor of economics at HTW Berlin and senior policy fellow at European Council on Foreign Relations.
Can it be wrong to push wennbesonnene voices to deescalate? Analysts DerCommerzbank, for example, advise on negotiating and abolition of EU import duties on Autos.EU Trade Commissioner Cecilia Malmström, by Trump per Twittergeforderten, has already met with representatives of US government to make an exception to Stahlzoll Zumindestfür EU producers.
But, unfortunately, pacification is not always right way. Verbal deescalation may be useful, but it is wrong to make a real point or a bilateral negotiated solution with USAwären for EU in current conflict reason. Central Undlangfristig could alsNutzen more damage to such a policy for Europe.
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The EU has rightly always upheld derWelthandelsorganisation of a rule-based global trading system under direction of WTO, to which all countries have gleichberechtigten access. Under umbrella of WTO and DerVorgängerorganisation GATT, world economy in Jahrzehntenseit Second World War has an unprecedented Handelsliberalisierungerlebt, and many emerging and developing countries Konntenerfolgreich into world market.
The US is a large market, but at least as important is access to (rapidly growing) markets in rest of world, and for that diebreite acceptance of WTO rules is also central to outside of transatlantischenHandels. It is precisely this acceptance that is currently on table when EU is seeking a negotiated solution with USA.
Three elements are important for this offeneglobale trading system: firstly, basic principle that every WTO trading partner is treated equally (beyond free trade agreements). It is refore prohibited under WTO rules to calculate, for example, import imports from South Korea ten per cent, to those as USA but only five percent.
Secondly, principle of GebundenenZölle applies. Each country has committed itself to negotiating with WTO partners over years to increase its own tariffs on individual goods by a maximum of one inch. In case of United States, this gebundeneZoll is not exactly same for all goods, but FürEisen and steel products are on average at just 0.3 percent – so re is little doubt that proposal of a globalenZolls on steel imports of 25 per cent is commitments of United States, even though Donald Trump claims that this is motivated by “NationaleSicherheit”.
