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Jens Südekum is a German economist. He is a university professor of international economics at Düsseldorf Institute for Competition Economics (DICE) at Heinrich-Heine-Universität Düsseldorf.
It should be heated: EU Commission President Jean-Claude Juncker and Trade Commissioner Cecilia Malmström are meeting today for talks with Donald Trump in Washington. The US president has threatened Europe several times with EinerVerschärfung of trade dispute. For example, he may want to EU cars with import duties of 25 per cent. More goods could follow. He Damitsetze against disadvantage of United States, which is evident from SeinerSicht in great American trade deficit.
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In goods trade, re is actually this deficit. Last year, US has exported a total of 153 billion dollars more from EUimportiert than re. Of course, this has nothing to do with unfair Praktikenzu. Neir does European currency manipulation, nor does it seal its markets. While it is true that EU has slightly higher tariffs than DieUSA (3.3 percent versus 2.3 percent) in medium. But se historically grown Unterschiedesind far too small to fall into weight.
The trade deficit does not exist because someone is preventing America AmExportieren, but because Americans are great friends of debt-financed (import) consumption. Europe can do nothing for that.
Trade is not one-sided
Moreover, trade relationship is not so unilaterally how many times claims. Finally, in a globalised world, not only goods, but also services and company shares are traded. In se spheres, US is traditionally strong, especially in Internet undFinanzsektor. Some estimates suggest that se surpluses balance clear deficit in traditional goods trade with EU.
Juncker and Malmström can refore selbstbewussterklären Trump that a trade war would be very expensive. Not just for American consumers who end up paying bill anyway. Even for us Unternehmensteht in Europe simply too much money at stake.
World trade-why are re trade conflicts? The trade dispute of world’s largest economies has begun: US is charging import duties on goods from China. The video explains triggers and possible consequences. © Photo: Liza Arbeiter
If Trump is unimpressed and escalates Konflikttrotzdem, Europe must respond effectively. In first round, gutgeklappt. On steel tariffs, EU reacted with levies on Harley-Davidson motorcycles. The company announced production relocations, which Trumpauf Twitter has strongly criticized. One to zero for EU.
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This pattern – as you me, as I do to you – is Esbeizubehalten. For it is not in vain central principle of regelgebundenenWelthandels. If Member States of World Trade Organisation (WTO) take unlawful protectionist measures, those affected must defend mselves and IhrerseitsVergeltungszölle. This prospect of retorsion is supposed to deter protectionists Vonvorneherein. This has worked surprisingly gutund silently in past decades.
