China isn’t the only country facing Trump’s escalating trade war and making it clear they won’t budge an inch as long as Trump sticks to “a take it or leave it” approach and America trade only policy.
French Finance Minister, Bruno Le Maire, attending a meeting of finance ministers of G20 countries in Buenos Aires last week said France and others won’t negotiate with a gun to the head, and called on the U.S. to “be reasonable” and stop waging a trade war on the EU and China. Le Maire went on to say …
“World trade cannot base itself on the law of the jungle and the unilateral increase of tariffs is the law of the jungle,”
“The law of the jungle will only turn out losers; it will weaken growth, threaten the most fragile countries and have disastrous political consequences.”
Le Maire’s comments were echoed by German Finance Minister Olaf Scholz, who also called on the U.S. to protect the rules-based trade order ahead of the meeting.
In response, U.S. Treasury Secretary Steven told his counterparts at the G20 meeting …
“If Europe believes in free trade, we’re ready to sign a free trade agreement with no tariffs, no non-tariff barriers and no subsidies. It has to be all three.”
The U.S. has imposed tariffs on EU steel and aluminum. President Donald Trump also threatened to put levies on foreign car imports under a loophole in US law that allows the President of the United States to impose trade tariffs and restrictions by attributing his decision to national security – something that many experts on both sides of the political divide say isn’t true and could be violating U.S. law…A position that is being taken by Mexico, Canada and our allies.
European Commission President Jean-Claude Juncker is scheduled to meet with Trump in Washington on Wednesday in an attempt to de-escalate the trade conflict. Observers of the increasingly unhinged President are warning the meeting with Juncker is likely to result in Trump doubling down on his conflict with the European Union.