Maros Sefcovic, the European Union's trade chief, has dismissed President Donald Trump's claims about unfair US-EU trade relations, framing the partnership as mutually beneficial. Meanwhile, tensions between the United States and China have intensified, with Beijing responding to US tariffs by imposing customs duties on essential goods. Amidst these developments, Trump hinted at the possibility of a new trade deal with China, even as he continues to threaten sweeping tariffs on allies and adversaries alike.
Trump's announcement in early February to impose a 10 percent additional duty on all Chinese imports has provoked a swift reaction from Beijing. In response, China has levied customs duties of 15 percent on coal and liquefied natural gas and 10 percent on oil and other goods. These developments underscore the ongoing trade friction between the two economic giants.
"Trade and tariff wars have no winners and only serve to damage the interests of people all over the world."
— Guo Jiakun, China's foreign ministry spokesman
On Wednesday, Trump suggested that a trade deal with China was "possible," echoing sentiments from 2020 when a significant agreement was reached between the two nations. However, Beijing's foreign ministry emphasized on Thursday that any resolution should be approached with "mutual respect." The ministry confirmed that China and the US are currently engaged in discussions.
"a great trade deal with China"
— Donald Trump, US President
Simultaneously, Trump's tariff policies continue to stir concerns across Europe. Germany, boasting the largest trade surplus with the US within the EU, largely due to its automobile and chemical sectors, could face significant impacts from Trump's proposed tariffs on imported cars. Trump has suggested imposing 25 percent tariffs on all imported vehicles and similar duties on pharmaceuticals and semiconductors.
Maros Sefcovic responded to these threats by reiterating the EU's openness to negotiations. He highlighted the potential for reducing or eliminating tariffs on autos and other industrial products as a starting point for discussions.
"very definition of a win-win partnership"
— Maros Sefcovic, EU's trade chief
"If we are going to talk about lowering the tariffs, even eliminating the tariffs, let's say for industrial products, this would be something which we are ready to discuss."
— Maros Sefcovic, EU's trade chief
In North America, Trump initially announced a 25 percent tariff on Canadian and Mexican imports but later offered a one-month reprieve. This decision has prompted Tokyo's trade minister to arrange a visit to the US in hopes of securing exemptions from these tariffs.
Economists have consistently warned that American consumers often bear the brunt of these tariffs, rather than foreign exporters. This economic reality adds another layer of complexity to an already intricate web of international trade relations.
China remains the country with the largest trade surplus with the US in goods, amounting to $295.4 billion in 2024. This figure highlights the ongoing trade imbalance that has fueled much of the current tension.
Leave a Reply