Thursday, July 16, 2020 | ePaper

US tariffs on EU would have negative political, economic impact: France's Le Maire

  • Print
AFP, Washington :
If President Donald Trump follows through on a plan to impose tariffs on European goods in the dispute over Airbus, it will have "concrete" repercussions, France's Economy Minister Bruno Le Maire said Thursday.
"These decisions would have very negative consequences both from an economic and a political point of view," Le Maire told reporters shortly after meeting with US Treasury Secretary Steven Mnuchin.
US tariffs on a record $7.5 billion in European goods are set to hit at midnight (0400 GMT), after the World Trade Organization agreed with Washington's longstanding argument that Airbus receives unfair government subsidies, which hurts American competitor Boeing.
Le Maire warned the US against starting another front in its trade conflicts, with Washington already involved in a costly tariff battle with China.
He also is due to meet with US Trade Representative Robert Lighthizer on Friday afternoon, and he said he will again urge Washington to work towards a negotiated settlement.
The European Union has vowed to retaliate with tariffs of its own in a parallel WTO case against Boeing.
"I think this will not be in the interest of the US, it would not be in the interest of the EU, and it would have, of course, negative consequences on the level of the world growth," Le Maire warned.
At a time when the global economy is slowing, "I think that our responsibility is to do our best to avoid that kind of conflict.

More News For this Category

NBR starts accepting online VAT payments

NBR starts accepting online VAT payments

Economic Reporter :The National Board of Revenue (NBR) on Thursday introduced Value Added Tax (VAT) e-payment system aiming to simplify the VAT return submission process.NBR chairman Abu Hena Md

IBBL again in world's best 1000 banks list

IBBL again in world's best 1000 banks list

Business Desk :Islami Bank Bangladesh Limited (IBBL) has once again secured its position for the last nine consecutive years as the only bank of the country in the list

China's GDP expands 3.2pc in 2nd quarter

Xinhua :China's gross domestic product (GDP) expanded 3.2 per cent year on year in the second quarter (Q2) of 2020, data from the National Bureau of Statistics (NBS) showed

Factory owners asked to pay workers' salaries, Eid bonus within July 25

Business Desk :As the workers form the main wheel of industrial output, State Minister for Labour and Employment Begum Monnujan Sufian on Thursday urged factory owners to pay salaries

IMF chief warns of second corona wave to hurt global economy

IMF chief warns of second corona wave to hurt global economy

Reuters, Switzerland :Global economic activity is picking up after an unprecedented decline this year due to the coronavirus pandemic, but a second major wave of infections could trigger more

DCCI seeks govt support for printing and publishing sector

DCCI seeks govt support for printing and publishing sector

Business Desk :The Dhaka Chamber of Commerce and Industry (DCCI) has sought the government's support for survival of printing and publishing sector as the sector incurred a loss of

Stocks fall amid virus uncertainty

Economic Reporter :Stocks witnessed downward trend in early trading on Thursday as investors mostly followed cautious stance amid static virus situation.Within 30 minutes of trading, DSEX lost more than

Tourism industry seeks nod for reopening

Tourism industry seeks nod for reopening

Business Desk :Coronavirus has affected businesses in Bangladesh as elsewhere in the world. The economic crisis caused by the pandemic has left people in uncertainty about their jobs and

$48b export target announced for FY21

$48b export target announced for FY21

Economic Reporter :Commerce Minister Tipu Munshi on Thursday said that the government has fixed $48.0 billion export target for the current fiscal year 2020-2021."$41.0 billion has been fixed for

Biman, Novoair sign deal to carry each other's passengers

Biman, Novoair sign deal to carry each other's passengers

Business Desk :The national flag carrier Biman Bangladesh Airlines and one of the country's private airlines Novoair on Wednesday signed a special re-protection agreement (SRA) for carrying each other's