Published: Thu, January 23, 2020
Markets | By Otis Pena

Trump Puts Europe on Notice Over Trade: 'We Can't Do It Anymore'

Trump Puts Europe on Notice Over Trade: 'We Can't Do It Anymore'

President Donald Trump and Chinese Vice Premier Liu He shake hands after signing a U.S. China trade agreement, in the East Room of the White House, Wednesday, Jan. 15, 2020, in Washington.

Amid years of Beijing-Washington economic tussling, the disputes have led to the two countries imposing huge tariffs on each others' goods, amounting to billions of dollars in penalties. "We place great value on the WTO and the indispensible role of the institution within the rules-based multilateral trading system", Indian foreign ministry spokesman Raveesh Kumar told reporters in a counter to Trump, who on Wednesday said that the USA had a "dispute running with the WTO for quite a while because our country has not been treated fairly".

On Wednesday morning, he spoke with CNBC host Joe Kernen, lauding his recent trade deals with China, Canada and Mexico, while warning that the European Union was next on his list.

US President Donald Trump complained this week at the World Economic Forum in Davos that the United States has not been "treated fairly" by the World Trade Organization (WTO).

Trump mostly answered questions about his impeachment trial, which got underway at the US Senate on Tuesday night, dismissing it as a "total hoax".

Trump told CNBC that the European Union had to make a deal on trade.

The Trump administration has made a similar threat to European Union member states - tariffs potentially as high as 25 percent on vehicles imported into the US and up to 100% on luxury goods such as champagne. I think it would be very dramatic.

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Trump had also said he would soon hold discussions with WTO chief Roberto Azevedo to bring in dramatic changes in the trade body. "Now, saying that, I don't want your audience to get nervous". They're going to make a deal, because they have to.

U.S. President Donald Trump struck a cautiously optimistic tone on trade talks with Europe on Tuesday, but kept the threat of new auto tariffs firmly on the table.

"We've had a tremendous deficit for many, many years", Trump added, putting the number at over $150 billion-an exaggerated figure according to The New York Times.

Germany is by far the biggest European exporter of goods to the US, selling $125.9 billion into the USA market.

By contrast, the USA imported $60.8 billion of goods from the United Kingdom, the U.S.'s next largest European trading partner, and exported $66.2 billion, meaning the US had a trade surplus with the U.K. It imported just $57.7 billion of USA goods. As far as we are concerned, we are a developing nation, too.

The United States had a services trade surplus of $59.9 billion with the E.U.in 2018, up 16.4 percent from 2008.

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