ECB chief takes aim at claim that tariffs will ‘make America great again’ — but calls for negotiation, not retaliation
Christine Lagarde: she urged Europe’s political leaders to co-operate with Donald Trump rather than be confrontational with him. Photograph: David Paul Morris/Bloombergover tariffs and buy more products made in the US, warning that an acrimonious trade war risks wiping out global economic growth.
Increasing purchases of US exports, including agricultural products, as well as LNG and weapons, are among the options under consideration, according to officials involved in the preparations. The EU is also preparing to allow US companies to participate in initiatives to support joint military procurement with EU taxpayer money, and to align more closely with the White House on its trade and geopolitical policies towards China.
Ms Lagarde agreed with her predecessor Mario Draghi’s diagnosis that the EU needed to take drastic action to regain its economic competitiveness, after struggling to keep up with the US over recent decades. “Europe is lagging behind. But I wouldn’t say that Europe cannot catch up,” she said. During his campaign Mr Trump threatened to impose a 60 per cent tariff on all Chinese imports. On Monday evening Mr Trump said he would impose a 10 per cent levy on Beijing from his first day in office in retaliation for China doing too little to crack down on the manufacturing of substances used to produce fentanyl.
Ms Lagarde said for Europe the incoming Trump administration’s stance on trade and transatlantic co-operation were an “accelerator of a reset that we need”.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Eurozone inflation rises to 2% in October, undermining case for big ECB rate cutRise in inflation follows stronger-than-expected growth data for the third quarter released on Wednesday
Read more »
ECB split over report showing big EU banks’ capital requirements lower than US rivalsOfficials say US rules would increase minimum capital levels by double-digit percentage for biggest EU banks
Read more »
Paddy McGuinness left ex Christine so 'devastated' by jokes he changed routinePaddy McGuinness made jokes about his divorce from his ex Christine during his comedy gig
Read more »
Top ECB official sees little room for further interest rate cutsIsabel Schnabel warns cutting rate further could backfire
Read more »
BBC scraps Paddy McGuinness comedy as it would be insensitive to ex ChristinePaddy McGuinness, 51, played himself in an unaired pilot for the sitcom, named Paddy, which the BBC had been set to commission before reportedly doing a u-turn
Read more »
Big ECB rate cut in December ‘not inevitable’, warns MakhloufCentral Bank governor insists he is ‘chilled’ on inflation reaching 2% target
Read more »