Brussels has prepared an economic plan to counter US trade policy

The document provides for the introduction of unilateral duties on American goods.

The EU is preparing to confront US trade policy. According to the Politico newspaper, an economic program has been developed in Brussels that envisages the unilateral introduction of customs duties on American goods and the development of European technology companies.

The authors of the 173-page document seek to oppose Trump’s trade policies and American tech giants: Google, Apple, Amazon, Microsoft and Facebook.

 The plan calls for the establishment of the European Future Fund by EC Chairperson Ursula von der Leyen.

The organization should invest more than $ 100 billion in the shares of promising EU companies, which, according to the authors, will help in the competition with American and Chinese technology giants.

 As noted in the document, the EU should show more determination in the trade sector and introduce unilateral duties on goods from the United States. However, according to Politico, the initiative is still under consideration.

The publication notes that Brexit will strengthen the position of France and Germany, have long advocated a more interventionist economic policy.

As Vesti. Economics wrote earlier, experts are already assessing the potential damage from a trade war between the US and the EU, noting that the effect will be more devastating than in the confrontation between Washington and Beijing.

«Trade between the EU and the US is most important. Today it is the largest bilateral trade flow in the world. Taking into account exports and imports of goods and services, bilateral trade between the US and the EU in 2018 exceeded the trade between the USA and China by more than 70%.» Berenberg economist Florian Hens told CNBC.

According to the U.S. Trade Representation, in 2018, the United States imported $ 683.9 billion from the EU and $ 557.9 billion from China. At the same time, US exports to Europe reached $ 574.5 billion and only $ 179 to China. 2 billion. These figures cover both goods and services.

Be the first to comment on "Brussels has prepared an economic plan to counter US trade policy"

Leave a comment

Your email address will not be published.