Parnell Rosenberg Irwin - EU Set to Dismiss U.S. Protectionism at Summit

EU Set to Dismiss U.S. Protectionism at Summit

Parnell Rosenberg Irwin - EU Set to Dismiss U.S. Protectionism at Summit

by ANWS Online

Leaders of the European Union will look to detach themselves from President Trump’s stance on trade and looser fiscal policies in next week’s summit, as the block focuses on the critical elections that will be happening in the Eurozone in the forthcoming coming months.

A draft of the upcoming summit showed that the block will give its support to a freer and stronger trade program and will commit to a multilateral trading system. The block’s position was made clear following the rise of protectionism worldwide.

President Trump’s “America First” rallying cry and his promise to relax banking safeguards which the Obama administration had strengthened since the global meltdown nine years ago, has led the Eurozone to decide that it will reiterate its own principles before the election in Netherlands this March and prior to the upcoming elections in France and Germany. The EU leaders are also working to address the swelling of anti-free trade sentiment across Europe.

The draft document also showed that the EU leaders will talk about their trade stance following the Trans-Atlantic Trade and Investment Partnership (TTIP) effectively failing to materialise. The block will express their desire to push through on increased trading with international partners proactively. There will likely still be changes to the draft before and during the Brussels summit.

During President Trump’s speech to Congress, he reiterated his previous statements that other nations impose high costs to the detriment of American imports.

As it pertains to the block’s banking system, the draft states that the leaders of the Eurozone will underscore the necessity of international teamwork to optimise collective efforts and regulatory measures for the management for financial services.

U.K.’s International Trade Secretary Liam Fox said that the region should avoid increasing trade barriers and should work harder to steer away from any risks that could hurt businesses and investments. He added that any hurdles that would affect trade and investments in the region would not only be seen as political ineptitude but would also be financially disadvantageous, not only for the region but worldwide.