May 29, 2023

The clock is ticking: speech on the us trade dispute in paris

The clock is ticking: Speech on the us trade dispute in paris

In the tariff dispute with the USA, germany and the european union continue to seek an agreement shortly before the expiry of the american deadline.

On the sidelines of an oecd meeting, eu trade commissioner cecilia malmstrom plans to meet with u.S. Trade secretary wilbur ross today in paris. German economics minister peter altmaier is also seeking "intensive talks" with the american, with the aim of reaching a "deal" in the interests of both sides.

U.S. Exempted EU companies until this friday from special tariffs on steel and aluminum imposed in march. Europeans demand a permanent exemption from U.S. President donald trump, otherwise threatening retaliatory tariffs on U.S. Products such as whiskey, motorcycles or jeans, for example.

EU commissioner malmstrom, however, was pessimistic in the EU parliament on tuesday: "hopefully it will be positive cooperation that we see, without punitive tariffs or import quotas, but realistically I don’t think we can hope for that," she said. "Even if the u.S. Decides not to impose tariffs, i still expect that they will impose some kind of limits on eu exports."

Altmaier had spoken on monday with view of the speech in paris of a "crucial week". From the german point of view, a trade conflict must be avoided, because both the citizens in europe and those in the united states would suffer. "There are also a lot of jobs at stake."

The current EU compromise offer in the tariff dispute provides for the prospect of trade facilitation for the united states if there is a permanent exemption for the EU from the special US tariffs.

Representatives of many governments are expected to attend the annual ministerial meeting of the organisation for economic co-operation and development (OECD). The theme of this year’s conference is "re-founding multilateralism", and french leader emmanuel macron will deliver a speech on wednesday afternoon.

Traditionally, ministers also use the meeting for bilateral talks – this time also on the trade dispute. France’s economy minister bruno le maire also wants to meet with u.S. Trade secretary ross, the meeting is scheduled for thursday morning.

Economist dennis snower warned of an escalation of the trade conflict between the u.S. And the e.U. "The eu has a chance to position itself as a "voice of reason" in these times and should not react in turn by raising tariffs," snower said tuesday as president of the global solutions initiative.

The EU should lower its own tariffs by the same amount in response to punitive tariffs. "Competitive companies and industries will not suffer from this, but will benefit in the medium and long term because trade with the eu will grow," said snower, who is also president of the kiel institute for world economy.


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