Countries are ready to build cooperation with reliable trading partners in Europe after the customs war was fueled by US President Donald Trump, which turned the world markets upside down.
This was stated by POLITICO President of the European Commission Ursula von der Leyen, UNN writes.
Details
According to von der Leyen, in recent weeks she has spoken with the leaders of Iceland, New Zealand, Malaysia, the Philippines, Canada, India and the United Arab Emirates, who were looking for "strong, reliable partners".
In an increasingly unpredictable global environment, countries are lining up to cooperate with us. It speaks volumes. In the midst of chaos, Europe stands firm, building on values, ready to shape what comes next. The global order is shifting deeper than ever before since the end of the Cold War.
Against the background of global turmoil, trust in the EU is growing, she said, including from the citizens of the bloc themselves. The head of the European Commission referred to a Eurobarometer survey, which showed support for membership in the bloc at 74%, which is the highest level in 40 years.
Addition
Trump announced a sharp increase in import duties on April 2 — hitting the EU with a 20 percent duty, and most of the rest of the world with a base duty of 105. When financial markets reacted radically to his trade decision a week later, Trump suspended the increased duties for 90 days to open the way for trade agreement negotiations.
In the case of the EU, the euro bloc still pays this 10 percent rate, as well as 25 percent on exports of steel, aluminum and cars. While the US and China have hit each other with triple-digit duties. If Trump gives way to his increased duties, global trade in goods could shrink by 1.5% this year, with North America being the most affected, the World Trade Organization predicts.
Let us remind you
The US trade shock has collapsed markets and confidence, exacerbating global threats to economic growth, according to a Brookings-FT study. The IMF is preparing to cut its global economic growth forecasts amid uncertainty.