European Union's Determined Position Against US Trade Actions

Forex News

EU finance ministers will establish a joint position ahead of G20 meeting next week in Buenos Aires. The event will focus on US protectionist policy and countermeasures against it. The participants are expected to demand more global action on tax transparency and against money laundering, as well as call for international digital tax reform by 2020.

According to a draft text that will form their mandate at the G20 meeting of finance ministers: "The EU promotes international cooperation to modernize the WTO", And, the European Union "rejects WTO-inconsistent unilateral measures by others”;"In this respect, we regret the recent U.S. decisions to impose import tariffs, which leave the EU no choice but to react in an adequate, proportionate and reasonable manner in full respect of WTO rules". The document has already gained backing from all EU states.