The European Union has recently concluded a humiliating tariff agreement with the US, drawing the attention of the international community.
The EU became the US’ object of tariff imposition last March. The US imposed 50 percent tariffs on steel and aluminium, 25 percent on automobiles, and 10 percent on other commodities.
Upset by this, the EU announced it would accept the introduction of the US’ 10 percent tariffs on all European commodities, trying to bring negotiations with the US to success by any means.
Later, when the US threatened to impose 30 percent tariffs on all commodities of the EU from August 1, the EU expressed the stand to take all necessary retaliatory measures in case the US imposes new tariffs on European commodities.
On July 24, the EU member states approved a plan for imposing retaliatory tariffs on the US commodities worth €93 billion to cope with the case of the breakdown of the tariff negotiations with the US.
But the EU, which had made a great fuss as if to take strong countermeasures against the US’ new tariff threat, eventually succumbed to the coercion of the US. It consented to an unequal tariff agreement with the US on July 27.
According to the agreement, the US imposes 15 percent tariffs on goods from the EU and the EU invests US$600 billion in the US and purchases the US-made energy worth US$750 billion.
Some EU nations have the view that the agreement might help avoid a trade war, which might deal a heavy blow to the global economy, and bring “stability” and “foresight” to the European economy, but opposing views are widely held.
The chairman of the International Trade Committee of the European Parliament said that the agreement is not only unsatisfactory but also contrary to Europe’s fundamental interests, expressing concern that the agreement is unbalanced and even might do long-term damage to Europe.
The US has started the tariff war with a view to threatening its allies and disturbing the stereotyped economic and trade practices with its trade partners so as to earn profits to the maximum and maintain its supremacy.
As it advocates the “America-first” principle that it is above everything and that the world should serve it, the US resorts to every possible means and method for its own interests whether its allies suffer damage or not.
The friction between the US and the EU prompted by their interests will go on.
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