The European Union: world economy is in danger

The adoption of trade measures on an eye for an eye, a tooth for a tooth principle is dangerous and harms the global economy. Brussels is worried about Beijing’s decision to impose 25 percent duties on the US-originated goods in response to similar measures against Chinese products by Washington. As Azertac reports with reference to Euronews, “Worrying development with escalation of tariffs between US and China. Clearly damaging for the world economy. Trade wars are bad and not easy to win”, tweeted EU Commissioner for Trade Cecilia Malmström. French Foreign Minister Jean-Yves Le Drian believes that this issue should be discussed. “There is a place to do it, which is the World Trade Organisation, and today Trump breaks away from this logic. It’s a dangerous game. This is not yet a trade war but it looks a lot like it,” Minister said. Meanwhile the Chinese authorities have already addressed the WTO to “protect the principles of multilateral free trade” from Donald Trump, who is convinced that the measures he has taken will help to eliminate “unfair commercial practices” and a trade balance deficit with China. Source: Azertac