Will the European Union protect itself from American duties? It turned out that there is a plan to limit the negative effects of Donald Trump’s tariff policy. The publication informs about this Profit.Ro .
The European Union can guarantee that Trump’s tariffs will not have any impact on the European economy. At least that’s what the president of the European Central Bank, Christine Lagarde, thinks.
“The European Union can offset the effects of US trade tariffs if it removes some of its internal barriers,” she argues.
Western media write that she even has a specific action plan for this.
“Our analysis shows that if all countries The EU has simply lowered its barriers to the level of the Netherlands, internal barriers could be reduced by about 8 percentage points for goods and 9 percentage points for services,” Christine Lagarde said.
“If we had done at least a quarter of this, it would have been enough to stimulate domestic trade and fully offset the impact of US duties on economic growth,” she added.
However, her plan requires large-scale economic reforms. They include the unification of VAT rules, the creation of a common corporate law and the development of uniform rules for innovative companies in the EU (the so-called 28th system).