Friday, 20 July, 2018

Trump blasts European Union trade policies, hints at retaliation

Why is Trump wasting the chance to hype State of the Union speech Trump blasts European Union trade policies, hints at retaliation
Theresa Hayes | 30 January, 2018, 00:06

It's very, very tough.

Trump has on several occasions criticized the European Union over trade, singling out export powerhouse Germany for running a big trade deficit with the United States. And yet they send their product to us - no taxes, very little taxes, it's very unfair. And yet ir threats now go to a new stadium: along with commercial chapter, USA president has recommended that British Prime Minister Theresa May come to negotiate with greater "hardness" her departure from European Union, and has suggested that re might be Several meetings between two leaders in coming months. He considers that the German trade surplus with the United States as excessive. He announced previous year he would withdraw from the Trans-Pacific Partnership, a multilateral trade agreement with Pacific Rim countries, and has threatened to do the same with the North American Free Trade Agreement (NAFTA). He observes, "This is a highly unfair situation", as a partial transcript of the interview reveals.

"For us, trade policy is not a zero-sum game, it is not about winners and losers", said a European Commission spokesperson on Monday. And y remain immersed in signing of a new trade agreement (TTIP) paralyzed after Trump's arrival in power - and ensuing turn towards protectionism - but also with strong criticism among public opinion of many countries in Union.

"I've had a lot of problems with (the) European Union, and it may morph into something very big from that standpoint - from a trade standpoint".

Trump delivered the warning during a wide-ranging interview last Thursday on the sidelines of the World Economic Forum in Davos, where he took his "America First" agenda to the global business elite.

The president has frequently accused other countries of putting the an unfair trade disadvantage.

"One thing that will be taking place over a number of years will be trade", he said discussing his relationship with UK Prime Minister Theresa May.

Trade and investment also flows in huge volumes from Europe to the U.S. The EU ranked as the second largest supplier of U.S. imports in 2016, and it invests eight times more in the U.S. than it does in China and India combined. Whilst quite unhappy with the existing trade framework, the Trump administration is expected to tackle the matter cautiously, seeking to replace one-way trade with mutually-beneficial deals.