Juncker and Trump end the trade war and revive a watered-down version of TTIP

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Series Details No. 46,2018 (02.10.18)
Publication Date 02/10/2018
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The Elcano Royal Institute is a think-tank for international and strategic studies that analyses world events and trends from a Spanish, European and global perspective.

The Elcano Royal Institute's Expert Comments are 1,000- to 1,500 word pieces produced by the Elcano Royal Institute's analysts as an immediate response to international events relevant to Spain.
The US and the EU have decided to end their trade war, at least for the moment. After a meeting in Washington on 25 July, the President of the European Commission, Jean-Claude Juncker, and the US President, Donald Trump, committed themselves to working together to create a transatlantic free-trade zone that would have no tariffs, subsidies or non-tariff barriers (although it would exclude the automobile sector). To begin with –although it is not at all clear how this will be achieved– the US will export more liquified natural gas to the EU (which would lower EU energy dependence on Russia) and the EU countries will buy more US agricultural produce (especially soy bean products). They will also begin to back away from the mutual tariff escalation that began a few months ago when the US imposed tariffs on European steel and aluminium imports, alleging (absurdly) reasons of national security and provoking a proportional response of reprisal tariffs from the EU. Therefore, while the negotiations remain underway, no new tariffs will be established (the US had promised to impose new tariffs on EU automobiles) and the two sides will work to eliminate the tariffs that have recently been approved.

Source Link http://www.realinstitutoelcano.org/wps/portal/rielcano_en/contenido?WCM_GLOBAL_CONTEXT=/elcano/elcano_in/zonas_in/commentary-steinberg-juncker-trump-end-trade-war-revive-watered-down-ttip
Related Link(s)
EU investors vs EU states: Understanding the international arbitration of investment disputes in Europe http://www.europeansources.info/record/eu-investors-vs-eu-states-understanding-the-international-arbitration-of-investment-disputes-in-europe/
Attitudes towards the Transatlantic Trade and Investment Partnership in the European Union: The treaty partner heuristic and issue attention http://www.europeansources.info/record/attitudes-towards-the-transatlantic-trade-and-investment-partnership-in-the-european-union-the-treaty-partner-heuristic-and-issue-attention/

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