Europe is prepared to step up its response to unfair trade practices and push for a renewed WTO, aiming to display a more assertive stance towards its partners in the future.
EU Trade Commissioner Cecilia Malmström is no longer optimistic when it comes to avoiding US tariffs on goods, thanks to the result of the WTO Airbus case.
The World Trade Organisation authorised the United States on Wednesday (2 October) to impose tariffs on EU goods worth up to $7.5 billion (€6.8 billion), as a response to illegal subsidies given by European governments to aerospace giant Airbus.
EU member states discussed on Tuesday (1 October) how to address the “critical situation” of the World Trade Organisation, as the US continues to block the renovation of its appellate body, key for the functioning of the institution.
Phil Hogan obtained late on Monday (30 September) the MEPs’ preliminary approval to become the EU's next Trade Commissioner, promising a tougher stance towards China to ensure the protection of European values, and environmental principles in particular.
The European Commission has dangled the prospect of limiting its public subsidies to the US administration in an attempt to avoid further tariffs from Washington that could come as early as next month in the context of the Airbus-Boeing dispute.
US Secretary of State Mike Pompeo sought on Tuesday (3 September) to re-establish friendlier ties with the incoming leaders of the European Union and mark an end to troubled relations since President Donald Trump took office, a senior US diplomat said.
The ongoing trade dispute is an instrument of cold economic warfare launched by the US to “contain” China, and it could lead to the fragmentation of the global economic and financial system, warned Alicia García-Herrero, a senior fellow at Bruegel think tank.
Europe and the US should quickly sort out the current issues in their "long-term faithful marriage" so they can speak in "one powerful voice" and address China's global activities, US ambassador to the EU, Gordon Sondland, said on Wednesday (3 September).