By: Azhar Azam
*This is one of my opinion pieces (unedited) that first appeared in "The Express Tribune":
https://tribune.com.pk/story/2115832/6-eu-us-relations-falter/
US President Donald Trump’s stubborn “America First” strategy not only mills him to slap tariffs on rival China’s goods, his invasive economic policy unequivocally targets the products of American allies – including Japan, South Korea, Mexico, European Union (EU) and others as well.
All the contrived Trump’s measures to drive each and every country down to his taxing tariff policy are yet to replicate any positive signals in the US economic statistics, which posted nine-month US trade deficit to notch up by $24.8 billion or 5.4% as compared to the previous year.
Downed exports and increased imports are not obligating the Trump administration to soften his hostile approach towards the entire world instead cajoles him to persist with a bitter US trade unilateralism and protectionism stance that is poised to wipe off $700 billion from the global economy by 2020.
Trump is now mulling over the options to launch a trade investigation against the (EU), another key American ally, to justify imposing huge tariffs on the bloc’s exports to the US. Earlier, he missed prior deadline of November 14 to follow through his threatened 25% tariffs on European cars and car parts.
The move came after Washington pushed Brussels to cut tariffs on American lobsters and chemicals but EU trade chief Cecilia Malmstrom rejected the US mini-deal bid, calling for a reciprocal American action for European exports. EU is additionally critical of Trump’s labeling of Europe a trade “foe”, resounding that he supports the Brexit and is the first ever American president who openly speaks “against a united Europe.”
US president’s trade war onto the EU and forthright intervention in the alliance’s sovereign affairs are gradually distancing it from some of the American key NATO allies. The bloc is now seeking China to work with EU beyond trade, on compatible issues like climate change, reforms in WTO, strengthening cooperation on international peace and security and promoting sustainable development.
Echoing for a combined effort in a recently concluded 3rd EU-China CEO and Former Senior Official’s Dialogue in Beijing, the European side also petitioned China to join hands in deepening their comprehensive strategic partnership, advance economic and trade ties and promote innovations.
In an age of trade unilateralism and protectionism – economic relations between China and EU continue to burgeon as bilateral trade between the two economies increased 3.1% to reach about $580 billion in the first ten months of 2019. The increased economic collaboration would surely help to tone down the impacts of itchy US trade war and to rebalance global economy.
The EU is China’s largest trading partner and China is EU’s second-largest. As Beijing has poured $318 billion of investments in EU during the last ten years, 45% more than that of the US – to develop bridges, seaports, airports, rail links, power stations, football clubs and financial companies in several European countries– both sides are also expected to sign a bilateral investment treaty next year.
In view of growing EU’s desire to reinforce its rapprochement with China, Beijing may extend its willingness to strongly implement the framed EU-China 2020 Strategic Agenda for Cooperation that lays many commonalities for a strengthened partnership between the two to work together for peace, prosperity and sustainable development and their commitment towards multilateralism.
In addition, EU strategizes to connect Europe and Asia with Chinese cooperation to improve the economic, social, fiscal, financial and environmental sustainability of Eurasian connectivity and interoperability, which providentially is also the vital part of Chinese Belt and Road Initiative.
While Washington is continuing to grill the EU across multiple fronts, Beijing could increase more workable economic, strategic, political and diplomatic engagements with Europe. China can broaden the scope of trade cooperation with EU to widen mutual goals such as challenging protectionism, promoting Eurasian connectivity, plugging multilateralism, furthering Sino-French “Beijing Call” to fight climate change and better protecting biodiversity and reinstating Iran nuclear deal.
As the officials from China, Russia, France, Germany and Britain will meet in Vienna on December 6 – Beijing possibly will step up efforts to restore the US-blasted Iran nuclear deal, which has plunged EU-Iran trade to plunge by nearly 75% to €3.9 billion during January to September.
Through partnership with its allies, Beijing may utilize the podium as well as other multilateral international forums to repel Washington’s crass campaign against the global world while EU could deepen its economic, political and strategic relations with China.
*This is one of my opinion pieces (unedited) that first appeared in "The Express Tribune":
https://tribune.com.pk/story/2115832/6-eu-us-relations-falter/
US President Donald Trump’s stubborn “America First” strategy not only mills him to slap tariffs on rival China’s goods, his invasive economic policy unequivocally targets the products of American allies – including Japan, South Korea, Mexico, European Union (EU) and others as well.
All the contrived Trump’s measures to drive each and every country down to his taxing tariff policy are yet to replicate any positive signals in the US economic statistics, which posted nine-month US trade deficit to notch up by $24.8 billion or 5.4% as compared to the previous year.
Downed exports and increased imports are not obligating the Trump administration to soften his hostile approach towards the entire world instead cajoles him to persist with a bitter US trade unilateralism and protectionism stance that is poised to wipe off $700 billion from the global economy by 2020.
Trump is now mulling over the options to launch a trade investigation against the (EU), another key American ally, to justify imposing huge tariffs on the bloc’s exports to the US. Earlier, he missed prior deadline of November 14 to follow through his threatened 25% tariffs on European cars and car parts.
The move came after Washington pushed Brussels to cut tariffs on American lobsters and chemicals but EU trade chief Cecilia Malmstrom rejected the US mini-deal bid, calling for a reciprocal American action for European exports. EU is additionally critical of Trump’s labeling of Europe a trade “foe”, resounding that he supports the Brexit and is the first ever American president who openly speaks “against a united Europe.”
US president’s trade war onto the EU and forthright intervention in the alliance’s sovereign affairs are gradually distancing it from some of the American key NATO allies. The bloc is now seeking China to work with EU beyond trade, on compatible issues like climate change, reforms in WTO, strengthening cooperation on international peace and security and promoting sustainable development.
Echoing for a combined effort in a recently concluded 3rd EU-China CEO and Former Senior Official’s Dialogue in Beijing, the European side also petitioned China to join hands in deepening their comprehensive strategic partnership, advance economic and trade ties and promote innovations.
In an age of trade unilateralism and protectionism – economic relations between China and EU continue to burgeon as bilateral trade between the two economies increased 3.1% to reach about $580 billion in the first ten months of 2019. The increased economic collaboration would surely help to tone down the impacts of itchy US trade war and to rebalance global economy.
The EU is China’s largest trading partner and China is EU’s second-largest. As Beijing has poured $318 billion of investments in EU during the last ten years, 45% more than that of the US – to develop bridges, seaports, airports, rail links, power stations, football clubs and financial companies in several European countries– both sides are also expected to sign a bilateral investment treaty next year.
In view of growing EU’s desire to reinforce its rapprochement with China, Beijing may extend its willingness to strongly implement the framed EU-China 2020 Strategic Agenda for Cooperation that lays many commonalities for a strengthened partnership between the two to work together for peace, prosperity and sustainable development and their commitment towards multilateralism.
In addition, EU strategizes to connect Europe and Asia with Chinese cooperation to improve the economic, social, fiscal, financial and environmental sustainability of Eurasian connectivity and interoperability, which providentially is also the vital part of Chinese Belt and Road Initiative.
While Washington is continuing to grill the EU across multiple fronts, Beijing could increase more workable economic, strategic, political and diplomatic engagements with Europe. China can broaden the scope of trade cooperation with EU to widen mutual goals such as challenging protectionism, promoting Eurasian connectivity, plugging multilateralism, furthering Sino-French “Beijing Call” to fight climate change and better protecting biodiversity and reinstating Iran nuclear deal.
As the officials from China, Russia, France, Germany and Britain will meet in Vienna on December 6 – Beijing possibly will step up efforts to restore the US-blasted Iran nuclear deal, which has plunged EU-Iran trade to plunge by nearly 75% to €3.9 billion during January to September.
Through partnership with its allies, Beijing may utilize the podium as well as other multilateral international forums to repel Washington’s crass campaign against the global world while EU could deepen its economic, political and strategic relations with China.