“We must be strategically patient” – secretary of state for economy
As the European Commission proposes “a good deal” to President Donald Trump in the face of his swingeing tariffs announcement last week, a source for the Portuguese Government has highlighted the unity within the bloc.
Speaking at the end of a meeting of EU trade ministers in Luxembourg this morning – as financial markets all over the globe continue plummeting – secretary of state for the economy João Rui Ferreira stressed the “great cohesion established among all Member States” as well as “confidence in the transparency and clear manner” in which the (European) Commission has been keeping countries up to date with “difficult and complex” negotiation process.
Ferreira equally stressed community “firmness” : “We must be strategically patient in the negotiations so as not to escalate the conflict any further,” he told Lusa.
The secretary of state alluded to the “great focus” that the EU must have on reducing barriers in the EU single market (to make it more competitive) and on “continuing to look at what its trade partnerships are” with other blocs, such as Mercosur and India.
Arriving for the meeting, European Trade Commissioner Maroš Šefčovič, criticised what he called the “paradigm shift” in world trade marked by the imposition of Trump’s new tariffs, defending preparation in the EU for “the next steps”.
President Trump claims his tariffs are an attempt to boost US industry while punishing countries for ‘years of unfair trade practices’ – but most economists say they will plunge the US economy into recession, damage markets all over the world, while destroying decades-old alliances.
With the European Commission responsible for trade policy in the EU, commission president Ursula von der Leyen has today revealed that it is proposing a ‘zero-for-zero’ tariff scheme on industrial goods with the US, as it has with other trading partners.
“We keep it on the table”, she said. “We stand ready to negotiate”. ND
Source material: LUSA/ Politico
