Steel. Europe will not stand idly by in the face of threats from Donald Trump (V2)
(B2 with AFP) The European Union is preparing retaliatory measures against American companies and brands including "Harley-Davidson, the Bourbon and Levi's", European Commission President Jean-Claude Juncker told reporters on Friday in Hamburg. German television.
US President Donald Trump on Thursday evening announced his intention to impose tariffs next week of 25% steel and 10% aluminum on imports into the United States to protect the steel industry. national level, without however saying which countries would be targeted.
We won't be naive
As soon as this decision was announced, the President of the European Commission expressed his regrets and promised that the EU would react firmly and proportionally to defend (one's) interests ". On Friday, he repeated that determination. " We will not sit idly by when European industry and jobs are threatened he warned.
« Europe will have to oppose this project. We defend ourselves and impose import duties on Harley Davidson, Levi's and Bourbon »
If the United States wants to set up barriers, we will also be stupid than them, he added afterwards. « Europe needs a trade policy capable of defending itself: we will not be naive ».
.@JunckerEU #Matthiaemahl: “Bedauerlich, dass #Trump Zölle auf Stahl und Aluminum erheben möchte. #Europa wird sich gegen dieses Vorhaben stellen müssen. Wir wehren uns und verhängen jetzt auch Importzölle auf Harley Davidson, Levi's und Bourbon.” pic.twitter.com/QBU2Ku5N3L
—Mina Andreeva (@Mina_Andreeva) March 2, 2018
A window of opportunity before trade aftershocks
A little earlier on Friday (March 2), the Vice-President of the European Commission, Jyrki Katainen, had nevertheless estimated with AFP that there was still " a window of opportunity in order to avoid a trade war with the United States. He explained that these European countermeasures, already “ ready for some time would be in compliance with the rules of the World Trade Organization (WTO) and would compensate in value for the potential losses for the European industry, the world's second largest steel producer after China.
NB: The United States imports 30 million tons of steel per year, for a value of 24 billion dollars, and is therefore the largest importer in the world, according to data from the German Ministry of the Economy. Some 4% of this steel is imported from Germany and 50% comes from four countries: Canada, Brazil, South Korea and Mexico.
The Union must react
« Imposing punitive tariffs on steel and aluminum is nothing but nationalist protectionism said former Belgian Prime Minister Guy Verhofstadt, leader of the Liberal and Democratic Group in the European Parliament, on Twitter. " "America First" does not mean that you can undermine international trade law. The EU must react quickly and in accordance with WTO rules to defend its interests. »
(NGV with AFP)
Photo credit: European Commission
