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US/EU Trade Tensions Resurface
Over recent weeks, focus has been on the rising tensions between the US and China and the rising possibility that trade negotiations could be impacted. However, over the weekend the market has been confronted once again by the prospect of fresh trade tensions between the US and Europe.
Talk of potential US tariffs on EU car imports has resurfaced in recent days. Trump has warned that unless the EU lowers its tariffs on US lobsters such measures could be taken. Seemingly with not enough on his plate between the ongoing COVID-19, battle, tensions with China, and major civil unrest at home, Trump is now looking to pick a fight with the EU once again.
Speaking at a commercial fishing event in Maine, Trump claimed that the EU had been
“almost as bad over the years as China in terms of trade”
Trump went on to explain that the EU benefitted from duty-free lobster imports from Canada as a result of the 2017 Canadian-EU trade agreement.
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