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Responses to punitive tariffs: "Foreclosure is an absolute aberration" – Economy

Thursday, March 8th, 2018 | bitcoin updates

The EU Commission insists on an exception to the new US tariffs on steel and aluminum. The EU is a close ally of America and should be excluded from the measures, said Trade Commissioner Cecilia Malmström on Thursday evening. She will try to bring clarity in the next few days. Opportunity presents itself on the visit of the US trade commissioner Robert Lighthizer on Saturday in Brussels. The German economy fears after the decision of US President Donald Trump for import duties on steel and aluminum an escalation of the commercial dispute with incalculable consequences. The German foreign trade president Holger Bingmann said on Thursday evening "bitterly disappointed" of Trump. "Now you can only hope that nobody overreacts," he said. However, it is to be feared that now "things are rolling that we do not want". According to Bingmann, the EU should now resort to countermeasures that German foreign trade did not want. "Trump's actions undermine confidence in the US as a reliable partner," he complained. He inflicted massive damage on his own country. "We urge prudence," he underlined. Also the Chief Executive of the German Chamber of Commerce and Industry (DIHK) Martin Wansleben commented critically. "The EU should lodge a complaint with international partners at the WTO," he said. At the same time, short-term WTO-compliant measures should be prepared in close European coordination in order to send the US a European signal for free trade. "A sense of proportion is important," warned Wansleben. An escalation with reciprocal punitive tariffs should be avoided at all costs. Wansleben accused the United States of violating the rules imposed by the world trade system WTO, which it itself initiated, with the imposed punitive tariffs and the grounds for doing so. This would make the US "from Paul to Saul". The US harmed not only world trade, but also itself. "Stress test for transatlantic relations" The President of the Confederation of German Employers' Associations (BDA), Ingo Kramer, told the "Rhein-Neckar-Zeitung": In times of globalized and digitized competition "US tariff duties would bring considerable loss of sales for the German economy." EU foreign policy chief David McAllister criticized the punitive tariffs as a "test of endurance" for the transatlantic relationship, but in the newspapers of the "Funke Mediengruppe" McAllister called for calm "We should now proceed with caution and do everything possible to avoid an escalation of the trade dispute and even a trade war," says the chairman of the Foreign Affairs Committee in the European Parliament. The global import tariffs on steel at 25 percent and on Aluminum in the amount of 10 percent should within vo 15 days into effect, as Trump announced in Washington. Excluded are initially only the neighbors Mexico and Canada. Trump approved import tariffs have left Wall Street comparatively cold. The Dow Jones Industrial, which had hovered between moderate gains and losses after a friendly start, was trading 0.38 percent higher at 24,895.21 on Thursday at the close. Already on Wednesday, the New York index had visibly contained its meanwhile significant losses. (Reuters)


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