US-EU trade war: “the US is the real loser today”

The U.S. national flag, left, flies from a pole beside a European Union (EU) flag outside the European Commission building following a meeting between U.S. Vice President Mike Pence and President of the European Union Donald Tusk in Brussels, Belgium, on Monday, Feb. 20, 2017. Pence flew out of Munich on Sunday leaving America's allies relieved of some of their worst fears about the new administration's foreign policy, yet still uncertain as to who will formulate it. Photographer: Jasper Juinen/Bloomberg

UNITED STATES (VOP TODAY NEWS) — Embarrassed in China, the United States goes back on the offensive in Europe and drives down the automobile on the stock market.

In this context, the EU is conducting negotiations in Washington, of which Sputnik discussed with Fabio Massimo Parenti, Associate Professor of Economic and Political Geography at the Italian International Institute Lorenzo de Medici.

In view of the worsening situation between the European Union and the United States, their trade negotiations are going on with difficulty, Fabio Massimo Parenti, associate professor of economic and political geography at the Italian International Institute Lorenzo, told Sputnik Medici (LdM).

“There are many points of disagreement. […] Hopefully we can reach an agreement on a mutual reduction of tariffs on industrial products, as was decided at the meeting last July, “said the interlocutor of the agency.

And to add that different scenarios were on the negotiating table.

“The main concern on the European side is that the Trump administration is raising tariffs on European cars. In this case, compared to the previous tariff on steel, aluminum and other products not affecting the European economy, the impact would be serious given the importance of the US market. for the European automotive industry, “continued the expert.

That said, he wanted to hope that these tariffs would not finally be put in place.

“All in all, the EU is turning more and more to Asia as a partial alternative to the US market. In fact, the volume of trade between Europe and Asia is increasing, which is also part of the initiative [Chinese, ed] Belt and Road, “noted the Italian.

According to him, the United States risks in these conditions to prove losers after a year of highly protectionist approach.

“It is therefore important to find an agreement although there are still many obstacles in this direction. I think, however, that the United States is the real loser today, “said Sputnik’s interlocutor.

Observers note that despite the US President’s 2018 tariff increases, the US trade deficit has widened further. The country’s deficit continues to increase significantly, reaching the highest level of the last 10 years.

On 25 July, European Commission President Jean-Claude Juncker traveled to the United States to meet with Donald Trump for negotiations. At the end of the talks, the two men announced a series of measures on agriculture, industry and energy to appease the trade dispute between the United States and the European Union.

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