Bloomberg Talks Former US Ambassador To EU Talks Tariffs
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Feb 4, 2025 Anthony Gardner, former US ambassador to the EU, shares his insights on the potential impact of US tariffs on European trade. He discusses historical trade dynamics and the strategic responses from both sides. Gardner emphasizes the need for trade liberalization while acknowledging the barriers each party imposes. He also explores how post-Brexit trade challenges may affect the UK and the crucial need for skilled diplomats in shaping international relations. His expertise shines light on the intricate web of US-EU trade negotiations.
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Likelihood of EU Tariffs
- Trump likely will impose tariffs on the EU due to his negative view of them and their trade surpluses.
- The EU is better prepared now with stronger retaliation tools and a willingness to negotiate, but this may not suffice.
Trade Deficit Misconceptions
- While some EU tariffs are higher, the US also has higher tariffs in other areas and closed markets, which are often ignored.
- Trump's claim of trade surpluses equating to cheating is fundamentally false; there are various other factors at play.
Influencing Trump
- Reasoned arguments haven't swayed Trump, only transactional deals have.
- To be heard, the EU could target services trade or, more aggressively, procurement.