Economy

EU warns of WTO challenge

EU warns of WTO challenge”

Meanwhile, referring to the positive EU-US trade headlines, an analyst at British Financial spread better Spreadex, Connor Campbell said on Friday's' (January 17th) European market round off, "The positive comments surrounding one of the United States' other trade conflicts - with the EU - it just adds to the overall feeling of relief".

Emerging countries must now also fear the consequences of a Chinese commitment to buy $200 billion worth of additional U.S. products over the next two years, as Beijing is now likely to cancel farm contracts with countries like Brazil and buy American instead.

Hogan said on Thursday that he had a good exchange of views with U.S. Trade Representative (USTR) Robert Lighthizer twice during his visit, underscoring Brussels' desire to negotiate solutions for several open disputes between the allies and avoid costly and economically damaging tit-for-tat tariffs.

EU's Trade Commissioner Phil Hogan said his team will probe the bilateral deal signed on Wednesday and will check whether the deal between the world's two largest economies is compatible with the WTO.

Hogan said he learned of the United States threats through the media. Altogether, transatlantic trade in goods and services is worth over $3 billion a day, according to Hogan.

"I certainly haven't been briefed", he said.

Mr Hogan sharply criticised the Trump administration's invocation of national security to apply duties in 2018 on EU steel and aluminium, and threaten similar levies on European cars and auto parts.

Hogan, who has met USA government officials as well as member of Congress this week, pleaded for a more diplomatic and collaborative approach from the Trump administration. "If we continue to beat each other up, then the future risks being lost to new competitors".

"Let's talk, let's cooperate, let's lead", he said.

Later on Thursday, as he prepared to leave Washington, Mr Hogan toned down some of his criticisms.

He praised the "cooperative spirit" of the American side, and said its trade accord with China also has "positive elements" that offer opportunities for the USA and European Union to work together.

"If you want to do a deal together I wish you well, but I'm hearing messages from the various players in this town that it won't be as easy as the United Kingdom and the United States think, certainly it won't be as easy as the United Kingdom thinks for the United Kingdom to strike a deal that actually meets the objectives of the administration here". "A lot done, and more to do".

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