More heat than light
31 July 2018
While many parts of the northern hemisphere were experiencing an unprecedented heatwave last week, the heat was somewhat taken out of global trade tensions after a meeting between US President Donald Trump and his European Union (EU) counterpart Jean-Claude Junker. Tensions between the US and EU had been building since May when the Trump administration imposed tariffs on foreign steel and aluminium imports, including those from Europe, to which the EU retaliated with tariffs on American goods. Now the two leaders agreed to work towards “zero tariffs” on trade in industrial goods. However, the threat of tariffs on cars unfortunately remains. And of course Europe only represents one front in Trump’s trade war. Tensions are still simmering between the US and China.