U.S. Commerce Sec: Trump administration hopes to provide a larger share of EU imports

Felipe Erazo FXStreet

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

Author

Felipe Erazo

FXStreet

Born in Colombia, Felipe Erazo is the American Session Manager at FXStreet. He has been studying journalism with a degree in social communication at the Universidad de Chile.

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