The European Union and Mexico link arms to fend off the impact of tariffs threatened by incoming U.S. President Donald Trump.
The European Union and Mexico revived a stalled free trade agreement on Friday, days before the return to the White House of Donald Trump, who has threatened both sides with tariffs.
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Trade war 2.0: Donald Trump's sweeping tariffs to hit China, Mexico, Europe next
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Trump threatens 25% tariffs on Mexico and Canada on Feb. 1, punting Day 1 pledge
Trump’s US-Mexico tariffs threaten to hammer European carmakers
During his last term, Trump set his sights on Mexico over concerns that Chinese automakers would use the country as a back door to sell their vehicles in the U.S. In response, he negotiated a new trade agreement, called the USMCA, that went into effect in July 2020 with updated rules of origin for cars.
The European Union has bolstered its trading agreement with Mexico, particularly for food and drink exports, as the bloc prepares for President Trump’s ‘golden era’.
Mexico and the European Union are announcing a revamped agreement that they said would substantially increase trade and investment.
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Europe will respond to any tariffs imposed by President Donald Trump in a proportionate way, the European Union’s commissioner for the economy told CNBC Wednesday.
Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.
Hedge funds have turned optimistic about European companies that sell things people want but don't necessarily need, especially luxury goods, according to a Goldman Sachs note on Wednesday seen by Reuters on Thursday.
Canada, Mexico, China and other nations are formulating plans in response to President Trump’s proposed tariffs that could take effect Feb. 1.
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How Europe plans to resist Trump's threats of tariffsAny EU offer to buy more US goods should be backed up by a credible threat to retaliate robustly if Trump goes ahead with tariffs. If there is a full-blown trade war, the EU will have retaliatory tariffs ready: a “negative list” of US products drafted to mirror Trump’s proposed tariffs could serve as a deterrent.
The new US administration has sent jitters across the world with trade plans that could severely damage the EU. #EuropeNews
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