AP reports from Frankfurt that Europe’s top monetary official criticized U.S. President Donald Trump’s proposal to put tariffs on steel and aluminum imports as a “dangerous” unilateral move.
Mario Draghi, the chief of the European Central Bank, said that the “immediate spillover of the trade measures… is not going to be big.” But he said such disputes should be worked out among trade partners, not decided by measures initiated from one side.
“Whatever convictions one has about trade… we are convinced that disputes should be discussed and resolved in a multilateral framework, and that unilateral decisions are dangerous.”
Trump is expected to announce by the end of this week tariffs of 25 percent on steel and 10 percent on aluminum. He has long singled out China for being unfair in trade practices, but experts say the tariffs would hurt U.S. allies Canada and the European Union far more.
Draghi warned that unilateral moves like these tariffs could trigger retaliation — which the EU and China, among others, have already threatened.
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Source: thenationalherald.com
