ePaper

Wednesday, June 20, 2018

'Trade war between US and Europe can still be avoided'

  • Print

A trade war between Europe and the United States can still be averted, German Economy Minister Brigitte Zypries said on Saturday, adding she hoped that talks in Brussels this weekend could help to prevent an escalation.US President Donald Trump set import tariffs of 25 percent on steel and 10 percent on aluminum but is under heavy pressure from allies including the European Union and Japan to dilute the measures.

US Trade Representative Robert Lighthizer was due to meet EU trade chief Cecilia Malmstrom and separately with Japanese Trade Minister Hiroshige Seko on Saturday for long-planned talks that have taken on added urgency amid concerns that Trump's move could provoke a global trade war.

Zypries told Deutschlandfunk radio that so far no tariffs had been imposed and it was too early to talk about a looming trade war. "But we've reached a situation in which the preliminary skirmishes have become serious," she added. Zypries said the EU's Malmstrom was trying to solve the dispute through negotiations, adding: "There are still talks going on, things are in flux, so if you want you could say it's still about diplomacy and not war."

The minister said Trump's proposed tariffs would violate the rules of the World Trade Organization (WTO) and that Germany would coordinate closely with the European Commission on how to react if Trump pushed ahead. "Of course, we would have to take proceedings against him at the WTO," Zypries said. "And in addition, we will have to think about counter-measures."

-Reuters, Berlin

More News For this Category

China slams US as Trump issues new trade threat

| By
US President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate, in a rapid escalation of
China slams US as Trump issues new trade threat

US oil companies, producers seek relief from steel tariffs

| By
Major US energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets
US oil companies, producers seek relief from steel tariffs

Trade war worries slam China and emerging markets

| By
Chinese stocks fell almost 4 percent and alarm bells rang across global markets on Tuesday, as the trade dispute between the United States and China escalated further.
Trade war worries slam China and emerging markets

OPEC sees strong oil market

| By
Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production
OPEC sees strong oil market

Apple fined millions for Australia false iPhone claims

| By
Apple was Tuesday fined Aus$9 million (US$6.7 million) by an Australian court for making false claims about consumer rights when refusing to fix faulty iPhones and iPads previously
Apple fined millions for Australia false iPhone claims

Beijing will 'fight back firmly' if US publishes additional tariffs

| By
China will fight back firmly with "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on Chinese goods, the commerce ministry said, accusing
Beijing will 'fight back firmly' if US publishes additional tariffs

Asian, European stocks plunge as China-US trade war fears brew

| By
Hong Kong and Shanghai stocks led a sell-off across Asian and European markets Tuesday on rising trade war fears after Donald Trump threatened fresh tariffs on Chinese imports

UPS to spend $130m on new natural gas vehicles

| By
Package delivery company UPS on Tuesday said it will invest $130 million to buy 730 compressed natural gas vehicles and build five more domestic CNG fueling stations as

ZTE shares tank after US Senate puts Trump reprieve in doubt

| By
Shares of ZTE Corp plummeted on Tuesday after the US Senate's passage of a defense bill set up a potential battle with the White House over whether the

VW names interim Audi boss

| By
Volkswagen suspended Audi boss Rupert Stadler and announced an interim replacement on Tuesday, seeking to steady its most profitable business after German authorities arrested Stadler as part of

© 2018 The Asian Age