Canadian Prime Minister Justin Trudeau is to hold talks with top EU officials in the Belgian capital after US President Donald Trump imposed painful 25 percent tariffs on steel and aluminium imports.
Trudeau’s visit comes as the European Union, faced with a rocky patch in relations with Washington, has moved to position itself as a reliable trade partner for other countries looking to do business.
This leaves the EU “no other option” but to “invest in developing alternative markets”, he added.
Trump has already signalled that additional tariffs on automobiles, pharmaceuticals and computer chips are coming, and has publicly mused about annexing Canada and Greenland, an autonomous Danish territory.
Bracing for a trade war, Brussels has been working to broaden its trade horizons since the Republican won back the White House in November.
It also struck a more conciliatory note towards China, and said European Commission chief Ursula von der Leyen’s new top team will visit India in its first trip abroad.
In a phone call with President Cyril Ramaphosa, Costa stressed Europe was a “reliable and predictable partner” -- an implied juxtaposition to Trump’s volatility.
As explained by a senior EU official last month, Brussels sees bolstering ties with other nations at the rough end of the US stick as common sense, and something to use as leverage with Washington.
If not us, who?
The EU is now Canada’s second-largest export destination after the US, with bilateral trade worth 157.3 billion Canadian dollars (106 billion euros) in 2023.
The answer is yes, according to Philipp Lamprecht, of the European Centre for International Political Economy (ECIPE) think tank.
“We could shift some volumes towards the European Union where there’s no tariffs and they are in need of metal,“ Jean Simard, president of the Aluminium Association of Canada, told AFP.
But any such project would take years to complete.
This curtails its impact, stymies long-term investments, and sends a bad message to other potential trade suitors, Lamprecht said.
“If two trading partners such as the EU and Canada that are strong allies and very like-minded countries cannot manage to have cutting-edge, up-to-date, efficient and well-governed trade relations, then who can?” he said.
Read More Details
Finally We wish PressBee provided you with enough information of ( Hit by Trump, Canada and EU seek comfort in numbers )
Also on site :