Western publications are commenting this morning on the trade negotiations between the EU and the US, as well as the summit between the EU and China against this background, writes BTA.
The British newspaper "Guardian" writes that the EU and the US are close to concluding a trade agreement that will impose 15% tariffs on most EU imports.
The final decision, however, remains in the hands of US President Donald Trump, but if the agreement is agreed, it would mean that the deal for the EU would be less advantageous than the one the US had with Britain, which agreed to a 10% base tariff, the newspaper commented.
This will be a difficult truth to accept for the German car industry, whose tariffs will be reduced from 27.5% but will still be more than five times higher than the 2.75% import tariff that was in force before Trump returned to the White House, the publication added. Although no deal has yet been finalized, it is understood that further tariff cuts or the removal of alcoholic beverages from the list of goods subject to tariffs are also being considered, which would be a victory for EU whisky and cognac exporters and US bourbon exporters.
The European edition of "Politico" magazine commented that the EU hopes to conclude a climate agreement with China at today's meeting between Chinese President Xi Jinping, European Commission President Ursula von der Leyen and European Council President Antonio Costa.
"For decades, the only significant agreements that China has concluded with other countries to reduce its huge production of greenhouse gases have been with the world's other largest polluter - the United States. But now the European Union is trying to join that club," the magazine wrote. Nevertheless, experts told Politico that a joint statement by EU and Chinese leaders ahead of today's meeting could provide a much-needed boost to clean energy markets and give other governments the political confidence to further reduce their own emissions.
According to the magazine, there is no prospect of fruitful discussions on either the economy, security or trade, as trade tensions are driving the two countries apart.
"Indeed, climate is the only topic on which there seems to be any hope of an outcome that goes beyond polite smiles," the publication writes, pointing out that a possible deal with the EU would encourage China's attempts to position itself as a counterweight to Trump and as a supporter of the UN and multilateralism.
The American newspaper "Wall Street Journal" notes that the deal with Japan and the potential deal with Europe have been preceded by months of uncertainty and are likely to push up prices while bringing little clarity to global trade. According to the publication, Trump's drive to impose a new standard for global trade is intensifying as U.S. and European Union officials negotiate a possible 15 percent tariff deal that could follow a similar agreement with Japan.
"Taken together, the two deals represent a turning point in months of global trade negotiations that have fueled uncertainty among investors and America's largest trading partners," commented the "Wall Street Journal".
Another American newspaper – "Washington Post" points out that foreign leaders are right that Trump is wrong about tariffs, but for the same reason that his tariffs are a misguided and self-defeating exercise for Americans, it would be a mistake for other countries to impose their own. The paper argues that to protect their consumers and businesses, the best move other countries can make is to eliminate all their tariffs, even if Trump refuses to follow suit.
"None of America's largest trading partners rely on tariffs for a significant portion of their government revenue, and most rich countries are already more open to trade than the United States was before Trump. Eliminating the remaining tariffs would be a victory for their people," the paper writes.
"The Washington Post" emphasizes that "one of Trump's many trade misunderstandings is his firm belief that foreigners pay American tariffs". The newspaper specifies that while it is theoretically possible for some of the tax burden to be borne by foreigners, actual studies consistently show that tariffs are borne by the citizens of the country that imposes them. According to the publication, leaders of free countries around the world should not agree with Trump's desire to reduce world trade and increase protectionism.
V. "New York Times" cites analysts who say the EU-China summit "will not produce many results".
"I think there will be a lot of talk at this meeting, but no deal will be made," says Abigail Vasselier of the Mercator Institute for China Studies in Berlin.