EU Intends to Set Greater Autonomy From US

Forex News

European Union aims to establish greater autonomy in the face of Donald Trump’s efforts to remake the global order. ”We have to find a way to get around the American threats,” Spanish Foreign Minister Josep Borrell said. “The Europeans are making a big effort to safeguard the multilateral approach to trade. Diplomacy is not the best quality of the Trump administration,” said Borrell.

US President has questioned the importance of the North Atlantic Treaty Organization (NATO), pulled out of a nuclear accord with Iran and said, in the midst of a trade war, that the EU was a “foe” of the US.

The US decision forced European companies including Daimler AG (DE:DAIGn) and Total SA (PA:TOTF) to pull out of Iran to avoid American sanctions. Bruno Le Maire (French Finance Minister) and Heiko Maas (German Foreign Minister) have both suggested that EU countries set up payment systems independent of the US to sidestep the new regulations.

By increasing the amount of international trade conducted in euros, the EU would make it easier for companies and individuals to do business beyond the reach of the US government.