FT News Briefing Tuesday, December 3
Dec 3, 2019
The Trump administration's new tariffs are stirring trade tensions with France, the EU, Brazil, and Argentina. In the UK, the Conservative party faces a critical week leading up to the election. Meanwhile, Sweden defies expectations by moving away from negative interest rates despite economic challenges. This mix of unpredictable politics and shifting economic policies raises questions about global trade and the future landscape.
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French Tariffs
- The Trump administration proposed 100% tariffs on up to $2.4 billion of French goods.
- This includes items like champagne and handbags, a response to France's digital services tax.
EU Tariff Threat
- The US threatened the EU with new tariff increases following an investigation into alleged subsidies given to Airbus.
- This adds to existing tariffs on $7.5 billion worth of EU goods.
Brazil and Argentina Tariffs
- Trump reinstated tariffs on steel and aluminum from Brazil and Argentina, citing currency devaluation.
- However, the real reason appears to be retaliation for these countries gaining agricultural market share in China.