Japan and the European Union are joining forces together in the disagreement with American President Donald Trump over the country’s aluminium and steel tariffs as a potential global trade war picks up momentum.
A source in the Japanese government has told Reuters Tokyo that the country had declared its intention to join forces with the EU and participate in finding a resolution to the ongoing dispute which has serious future implications on global trade.
The source went on further to reveal that Japans feels as though there are in the same predicament as other nations of the world, so they are interested in having a say in the ongoing talks and information sharing. The main aim of these is to ensure that the Americans go away with these tariffs.
Although, it isn’t certain currently whether the Americans would be interested in the WTO talks after they made their intention to place a 10% and 25% tariff on aluminium and steel imports respectively.
The European Union and the Japanese do not buy the idea that these tariffs are necessary to guide America’s national security and employees. Several countries opine that their steel export is in no way a danger to America’s national security and the main goal of these tariffs are to limit Chinese surplus steel capacity.
There was increased tension at the G7 summit as a result of the increase in tariffs and other countries like Canada, Mexico and the EU have taken steps to impose counter tariffs against the United State, thereby increasing the probability of a complete and total trade war.
Japan is a bit sceptical of going to what could be perceived to be a drawn out and complicated economic fight and there are serious concerns in the country that America might try to control Japanese imports in order the reduce America’s trade deficit.
Contrary to US President Donald Trump’s tweet that America runs a $151 billion trade deficit with the EU, the country is instead running a $14 billion surplus, and has in fact ran a surplus since 2008.
Speaking with German TV network Deutsche Welle, IFO trade guru Gabriel Felbermayr says even though President Donald Trump is actually correct on various issues, he has altered the view of the US-EU trade dealings.
Gabriel went on further to state that President Trump is only concerned with America’s deficit in tangible goods, ignoring the fact that America runs a surplus in terms of corporate profits and technical services.
President Trump has already made his intention known, as he feels that America is currently behind other top economies in the world in terms of trade differences that it really has nothing to lose by going into a trade war
In his exact words; “They do so much more business with us, than we do with them, that we can’t lose. “The numbers are so astronomically against them.”
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