American Chamber says negotiation is needed to avoid escalating trade tariffs between the US and the EU
Issued 1 June, 2018. The American Chamber of Commerce Ireland has called for the EU to intensify negotiations with the US to avoid a tit for tat response to the introduction by the US of trade tariffs in relation to steel and aluminium.
Speaking about the issue, Mark Redmond, Chief Executive of the American Chamber said “The EU is the most important market in the world for the US, a trading relationship which supports over 15 million jobs across the US and Europe. 54% of FDI into the US comes from Europe, and European investment in the US is four times that of Asia. The US exports $284 billion worth of goods to Europe annually, which is more than double US exports to China. Ireland is centrally important to the transatlantic business relationship, being the 9th largest FDI investor in the US, and one of the top countries in the world for US FDI. All of this illustrates the crucial importance of the EU-US transatlantic relationship. Ireland has a key role to play here as the gateway to Europe for US business investment.
According to our 2018 US Ireland Business Report, the US-EU trade rose higher over the past year, with US exports to the European Union rising 4.9% in the first eleven months of 2017 versus the previous year. US exports to Ireland rose by an even stronger pace in the same period, by 9.2%. US imports from Europe climbed 3.2% in the first eleven months of the year, while imports from Ireland rose 6%. As been the case for the past number of years, Ireland and the United States stand as two of the strongest growing economies in the transatlantic economy and the transatlantic business relationship between Ireland and the US has continued to go from strength to strength.”
“The introduction of tariffs is very serious, and it is very important that the EU seeks a negotiated solution rather than potentially escalating the situation,” said Mark Redmond. “We believe the EU and the US should be working together to tackle issues such as global steel/aluminium overcapacity and unfair trading practices. With growth on the increase in Europe and the US, now is the time to focus on how to strengthen the relationship rather than undermine it. As announced at the European Summit in Sofia, we need to remember what the EU and the US have built together over the last 70 years and what is at stake. We are bound by our common history and the values we share. The multilateral trading system, with the World Trade Organization (WTO) at its heart, is one of these common achievements.”
American Chamber of Commerce Ireland
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