EU-USA ''Metal War'' Will Cause New Intrigues
The United States confirmed the decision to tighten customs duties on imports of aluminum and steel. According to this decision, the customs duties on imported aluminum and steel will be increased by 10% and 25% respectively.
It is worth noting that the EU's gross national economy will suffer from this trumpet decision, as, according to the official data, the European countries suspend the abolition of the above-mentioned metals' exports to the US.
It should be also noted that the next step in the framework of the Famous Sponsorship policy of Trump may also have some negative consequences for the US economy. The thing is that the organization of the aluminum and steel, as well as any other type of production in the US, will cost a lot more for a US citizen than in case of importing them. That is, the American product will be less competitive in its own country. Perhaps this is one of the main rumors concerning Trump's decision.
The EU in its turn responded to the decision on the increase of customs duties and to the possibility for further discussions. Meanwhile, the European Union's counter-steps, according to Cecilia Malmstrom, European Commissioner for Trade, will be at three levels. First of all, the European Union, together with other countries, will sue USA to the World Trade Organization (WTO), and secondly, it will take extreme measures to execute aluminum and steel surpluses in the European market, and third, will intensify strict policies against a list of American goods already being developed. At the same time, the list is still open, ready to expand with the proposals of the European business sector.
As you can see, the situation is really tense, but not so dangerous since negotiations between the EU and the US trade ministers on the current situation are expected. As Donald Trump wrote in his Twitter account, the United States is ready to review its decision if the EU is reducing the high customs duties on American goods.
Defining the current situation as an economic war will be wrong at least at this point. This is actually a major interstate bargaining which tools are state decisions: super quick and super transparent.
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