The EU says it’s going to get tough on trade — and that could have ramifications for U.S., China
· Over the past few years, the EU has struggled to push its multilateral trade agenda.
· Despite this challenge, the European Commission believes it is time to develop commerce around the world even further, so it can better deal with the economic shock from the coronavirus crisis.
· But by proclaiming a new more “assertive” position, there could be ramifications for China and the United States.
Silvia Amaro, CNBC
Feb 18, 2021
LONDON — The European Union will take a new approach to international trade, recognizing that it’s time to stand up for itself after challenging times with countries like the U.S.
The European Commission, which negotiates trade deals on behalf of the 27 member states, proposed on Thursday new tools to become a more “assertive” player in global trade. The region is a top trading partner for 74 nations around the world and two-way trade accounts for about 43% of its total GDP growth, according to data from the commission.
“The challenges we face require a new strategy for EU trade policy,” the EU’s trade chief, Valdis Dombrovskis, said Thursday.
“It should also give us the tools to defend ourselves when we face unfair trade practices. We are pursuing a course that is open, strategic and assertive, emphasizing the EU’s ability to make its own choices and shape the world around it,” he added...
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