Good morning,
EU trade commissioner Maroš Šefčovič started the first leg of four days of intense shuttle diplomacy on Tuesday evening with talks in Washington with US commerce secretary Howard Lutnick.
He is then due in China on Wednesday.
It is easy to forget that the EU is not the only victim of the Trump trade tariffs, although the text message exchange between vice president JD Vance and defence secretary Pete Hegseth suggests that Brussels is squarely in the crosshairs of the Trump administration.
China, India and Canada are among those with at least as much to lose economically from the tariffs on steel and aluminium.
Trump’s promise of reciprocal tariffs on all countries on 2 April will also effectively sink the African Growth and Opportunity Act (AGOA), a law dating back to George W. Bush, which offers over 30 African countries tariff and quota free trade with the US.
A bill to extend AGOA has been in Congress for more than one year but will be torpedoed by the Trump tariffs. That will hit African countries already counting the cost of lost USAID.
The Trump trade wars are likely to push the EU towards other partners. Earlier this month, EU Commission president Ursula von der Leyen gave a December deadline to conclude negotiations on a free trade deal with India. The EU also held a bilateral summit with South Africa, the continent’s second largest economy, in mid-March.
Perhaps it is time for the EU to improve its trade offer with South Africa and the rest of the continent.
– Benjamin Fox, Africa Editor
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Analysis
Trump trade war could trigger financial collapse, economists tell EU
Economists warned the European Parliament that Trump’s aggressive trade tariffs could spiral into broader financial and monetary conflict — urging the EU to prepare for a potential ‘trade armageddon.’
What else you need to know
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Trump trade war could trigger financial collapse, economists tell EUAnalysis
Economists warned the European Parliament that Trump’s aggressive trade tariffs could spiral into broader financial and monetary conflict — urging the EU to prepare for a potential ‘trade armageddon.’ Read on »
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