Despite U.S. threats over new tariffs on Europe and the latter's willingness to retaliate, analysts are not expecting a trade war between the economic giants for several reasons.
Washington and Brussels have been at odds over trade since President Donald Trump was elected in 2016 and ended trade negotiations between both sides of the Atlantic. Trump has said that Europe is"possibly just as bad as China" when it comes to trade and called it a"brutal" trading partner.
"We think the EU would be in a much better position to retaliate than China and is prepared to do so in a highly targeted fashion ahead of the U.S. presidential elections in 2020," he said. "They barely take our agricultural products, and yet they can sell Mercedes Benz and they can sell anything they want in our country including their farm products, and it's not fair," Trump said Monday, threatening to impose tariffs on European carmakers if the EU does not expand its negotiating remit.
Trump has challenged China over trade since taking power as well, imposing increasing rounds of tariffs on the country. At the moment, however, media reports and comments from the U.S. and Chinese administrations suggest they could be close to a trade agreement.
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