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TRADE

‘There will only be losers’: France laments Donald Trump’s new trade tariffs

France "regrets" US President Donald Trump's announcement of duties on steel and aluminium imports to the United States, the Economy Minister Bruno Le Maire said on Thursday.

'There will only be losers': France laments Donald Trump's new trade tariffs
Photo: AFP

“There are only losers in a trade war. With our EU partners, we will assess consequences on our industries and agree appropriate response,” he tweeted.

Trump imposed the tariffs — 25 percent on steel and 10 percent on aluminium — despite repeated warnings from the EU and other allies that this could trigger a full-on trade war.

Last Friday, Le Maire warned that any such measures by the US would be “unacceptable” and called for a “strong, coordinated, united response from the EU”.

The French minister then warned that the tariffs would have “a major impact on the European economy and on French companies such as Vallourec, ArcelorMittal and Ugitech”.

“There are certain countries which practice dumping and other subsidies which distort global trade,” he said, in an indirect reference to China. “The American authorities know that perfectly well, and it is this that they should be addressing, not anything else.”

The White House said Thursday that countries concerned by the new tariffs could speak to the US in order to negotiate possible exemptions.

“The EU is a close ally of the US and we continue to think that the EU must be exempted from these measures,” said EU Commissioner for Trade Cecilia
Malmstrom.

“I will demand more clarity on this issue in the days to come,” she added.

TRADE

Norway and UK strike post-Brexit trade deal

Norway and the United Kingdom have struck an agreement on a free trade deal, the Norwegian government announced on Friday.

Norway and UK strike post-Brexit trade deal
Erna Solberg outside 10 Downing Street in 2019. (Photo by LUDOVIC MARIN / POOL / AFP)

Negotiations over the agreement have been ongoing since last summer, and the Norwegian government said that the deal is the largest free trade agreement Norway has entered into, outside of the EEA agreement. 

“The agreement entails a continuation of all previous tariff preferences for seafood and improved market access for white fish, shrimp, and several other products,” the Ministry of Trade and Industry said in a statement.  

One of the sticking points of the negotiations was Norway wanting more access to sell seafood in the UK, while the UK wanted more access to sell agricultural products like cheese.

The latter was a problem due to Norway having import protection against agricultural goods. 

“This agreement secures Norwegian jobs and value creation and marks an important step forward in our relationship with the UK after Brexit. This is a long-term agreement, which at the same time helps to accelerate the Norwegian economy,” Prime Minister Erna Solberg said in a statement.  

 The United Kingdom is Norway’s second most important single market, after the EU. In 2020 Norwegian companies exported goods worth 135 billion kroner to the UK and imported around 42 billion kroner of goods from the UK. 

Norway has given Britain 26 quotas on agricultural products, but not for mutton and beef. The agreement does not increase the UK’s cheese quotas, state broadcaster NRK have reported. 

The agreement will still need to be signed by both the Norwegian and UK parliament. 

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