U.S. Commerce Sec: Trump administration hopes to provide a larger share of EU imports
|U.S. Commerce Secretary Wilbur Ross was on the wires last minutes, via Reuters, stating that Trump administration hopes to provide a larger share of EU imports.
Key headlines (via Reuters):
- We hope to reduce our current $500 bln trade deficit, for example by increasing Ing exports Europe
- If EU and US were better isolated from dumping by less developed countries "We would both be better off"
- Current orientation of WTO is "pro-exporter and almost anti-importer"
- There is more dumping, and more subsidies than ever nowadays
- Germany and US should collaborate more closely to combat intellectual property violations, dumping
- Chemicals and pharma, transportation, non-electrical machinery, fabricated metal products, and food and kindred products contribute 80 percent of US trade deficit with EU
- Standards and reporting requirements can be important non tariff barriers to trade
- US autos face higher tariffs to EU than vice versa
- Auto parts are such low margin that even small tariffs make a difference
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