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