A Financial Times report detailed the threats directed by former US President Donald Trump towards the European Union, threatening to impose strict trade restrictions if he returns to power, which puts the future of trade agreements between the two sides of the Atlantic at stake.
Trump’s threats revolve around imposing punitive customs duties that may reach 10% or more on all European imports, within the framework of the “America First” policy aimed at reducing the US trade deficit with the Old Continent, especially in the automotive and manufacturing sectors.
Trump believes that the European Union “unfairly” benefits from American markets while placing obstacles to American products, describing the bloc as a “trade enemy” in some aspects.
On the other hand, there is a state of concern in Brussels about the outbreak of a comprehensive trade war that could undermine the stability of global markets. The European Union has actually begun to study response options and search for mechanisms to protect its economic interests, while trying to enhance self-reliance and diversify trading partners in anticipation of any sudden change in the White House’s foreign policy.
(Financial Times)
