(France, 6th) The temporary US tariff reprieve is about to expire, and France hopes that the EU can reach an agreement with Washington on tariffs this weekend.
According to AFP, French Finance Minister Lombard said on Saturday (July 5) that negotiations between the EU and the US on tariffs may reach an agreement this weekend. If an agreement cannot be reached, Europe will have to respond more forcefully.
The Washington tariff reprieve will expire next Wednesday (the 9th). If the EU fails to reach an agreement with the US before then, the default tariff on US imports of EU products will double to 20%, or even higher, impacting the EU economy.
European Commission President Ursula von der Leyen said Brussels is seeking to reach an agreement in principle with the US, but further negotiations on specific details are needed. However, the European Commission believes that regardless of the final result, the imbalance of trade measures between the EU and the US will continue to exist.
Lombard said protecting the EU industry from the shocks of the US and China is crucial.
He stated: “Imagine the world is like a playground, everyone is playing…and following the rules. Then three bullies appear (the US, Russia, and China), break all the rules, flip over the game table, and bully those who are playing nicely. This is the world of predators.”
Speaking about China, he also said that the existing tariffs on the steel and automobile industries are not enough, and similar measures must be taken across all industrial sectors. “Otherwise, China's policy of maintaining more than 50% of global market share in every industrial sector will destroy our industry.”
According to AFP, French Finance Minister Lombard said on Saturday (July 5) that negotiations between the EU and the US on tariffs may reach an agreement this weekend. If an agreement cannot be reached, Europe will have to respond more forcefully.
The Washington tariff reprieve will expire next Wednesday (the 9th). If the EU fails to reach an agreement with the US before then, the default tariff on US imports of EU products will double to 20%, or even higher, impacting the EU economy.
European Commission President Ursula von der Leyen said Brussels is seeking to reach an agreement in principle with the US, but further negotiations on specific details are needed. However, the European Commission believes that regardless of the final result, the imbalance of trade measures between the EU and the US will continue to exist.
Lombard said protecting the EU industry from the shocks of the US and China is crucial.
He stated: “Imagine the world is like a playground, everyone is playing…and following the rules. Then three bullies appear (the US, Russia, and China), break all the rules, flip over the game table, and bully those who are playing nicely. This is the world of predators.”
Speaking about China, he also said that the existing tariffs on the steel and automobile industries are not enough, and similar measures must be taken across all industrial sectors. “Otherwise, China's policy of maintaining more than 50% of global market share in every industrial sector will destroy our industry.”