European Union To Strike US Back

Forex News

German Economy Minister Peter Altmaier stated that Germany was ready to discuss the US trade dispute "among friends". The latter was the biggest EU exporter to the US for a long time and officials are hopeful that the tension will ease. For example, last year the exports reached 112 billion euros (132.04 billion dollars). Altmaier claims: "We are ready to talk about trade imbalances. But we think it has to be done among friends and partners and not in mutual confrontation," adding:"The American economy is dependent in many areas on the import of European goods. As tariffs increase, so does the cost of production in the United States."

Altmaier also said: "I believe a win-win situation is still possible". And: "At the moment, however, it seems that no solution is in sight, at least not in the short term... We have not made any progress in the last few days, but rather, as we saw with the rejection of the summit declaration, we have gone backwards." German Economy Minister says the EU must act "in a united manner", defend open markets, and stick to its convictions.

Recently, EU announced it had prepared retaliation measures against the US. The threat of a trade war is pressing, but market shrugs it off. The European Commission aims to target US imports of 2.8 billion euros with additional 25% duties in less than month.