EU to support USA in trade conflict with China
Wall Street Journal informs, the European Union is ready to support the United States in a trade confrontation with China if Washington abolishes steel and aluminum duties for European enterprises. According to the publication, Brussels is currently working on a proposal for a trade partnership between the US and the EU, which resembles the Transatlantic agreement.
Within the framework of future cooperation, the European Union is ready to reduce tariffs on imports of American cars, industrial equipment, agricultural products and medicines. Also, Brussels is ready to support Washington in "countering some trade practices in China." As noted in The Wall Street Journal, this can be expressed in the filing of joint suits against the PRC in the World Trade Organization.
It is reported that the proposal for cooperation between the EU and the USA came from Germany. The economy of this country is very dependent on exports and trade confrontation with the US can greatly harm it. According to the ZEW study, the sentiments of institutional investors in Germany are at their lowest level for more than 2.5 years, because of the threat of a trade war. On May 1, American duties on steel and aluminum will begin to affect European countries, which will further exacerbate the situation. Therefore, Germany's desire to establish relations with the US is fully justified.