BERLIN, March 13th (AMSP/CGTN) – – Europe increasingly hopes to strengthen ties with China as people from European business sector worry that the escalating tariff and trade war between the United States and Europe would cripple Europe’s economic growth.
The 25 percent tariff imposed by the U.S. on all steel and aluminium imports from around the world took effect on Wednesday, and Europe has quickly responded to it with counter tariffs on 26 billion euros (around 28 billion U.S. dollars) worth of U.S. goods from next month.
The European Commission published a 99-page list of U.S. products that could be subject to retaliatory tariffs that is dominated by meat, poultry, fruit and vegetables and alcoholic beverages.
The EU is concerned that the 25 percent tariffs announced by Trump earlier on other imports from Europe might soon take effect. If implemented, key sectors in Europe, including automotive, luxury goods and pharmaceuticals would be hit hard, placing even greater pressure on its economy that is still in stagnation.
“In Europe, the effects will be negative, both direct effects on certain type of products, and services indirectly, but also the overall climate that growth will be less high or even low,” said Jacques Pelkmans, senior fellow at the Centre for European Policy Studies (CEPS) in Brussels.
More people within Europe’s business sector are now calling for stronger cooperation with China, hoping to tap into the vast potential of China-Europe economic and trade relations.
“By working together in trade, machinery, new energy and digital technology, this collaboration creates jobs, enhance technology transfer and secure Europe’s industrial future. Europe must strengthen ties with China,” said Luigi Gambardella, president of the Brussels-based digital association ChinaEU.
A delegation of entrepreneurs led by the China Council for the Promotion of International Trade (CCPIT) has recently visited Germany for trade and economic exchanges, receiving warm welcome.
“We feel that European companies are willing to cooperate with China passionately. They value more on the cooperation between Europe and China. Our visit helps deepen dialouge between people from business sectors of China, Germany and other countries in Europe. This visit will enable us to face challenges together, deepen pragmatic cooperation, and respond to global economic uncertainties with certainty,” said Zhao Feng, deputy chief representative of CCPIT’s Representative Office in the EU.
The Chinese delegation also met with European officials and top executives from Bosch, Daimler, Mercedes-Benz, BMW and Wacker Chemie.
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