Finnish Prime Minister Antii Rinne told CNBC that the United States and China are both in agreement that a trade war is not in anyone’s best interests in spite of continuous reactive tariffs being dished out by both sides.
The battle began in 2018 when the United States slapped Chinese products with tariffs, prompting Beijing to adjust U.S. tariffs accordingly.
This has had significant ramifications on a global scale, economically speaking—diminishing popular opinion for businesses and investors.
“Speaking to CNBC in an exclusive interview Friday, Rinne told CNBC that President Donald Trump and his administration ‘know that this is not the best way to handle international relations…at the same time I think that also China’s leaders know that this kind of trade war, this kind of situation, is not good for Chinese people and this is not the best way for China to handle these kind of situations…’” as transcribed by CNBC digital reporter Silvia Amaro.
President Trump posted in a tweet last September that tariffs “have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country.”
Regardless of economic impacts and professional critique, the U.S. president continues to defend his stance on the issue.
Chinese and U.S. officials are scheduled for a meeting next month to discuss a new round of trade deals. A week ago, Trump stated he might contemplate an interim deal with China, but he would much prefer getting “the whole deal done.”
At the same time, Trump has threatened to place tariffs on carmakers from Europe.
The market is going strong in places like Germany and has been an important driving force of the region.
Although Finnish statistics shows a 0.5 percent growth rate since August, according to the previous three-month period, there has been a decline in exports—a detrimental aspect of its economic growth.
This wouldn’t be the first time the United States has been involved in a Trade War, there have been a few times in history that called for similar circumstances.
In 2002, according to history.com, “In an effort to boost the country’s steel industry, George W. Bush imposed temporary tariffs of 8-30 percent on steel imports.”
The European Union reacted swiftly by putting taxes on Florida oranges, American made vehicles and more, but Mexico and Canada were excused because of NAFTA issues. The World Trade Organization would receive a complaint against the United States finding the country broke rules of tariff rates agreement. Bush ended the trade war in 18 months—this being earlier than his original three-year plan.
The end result saw a rise in the cost of steel and, according to the Institute for International Economics, up to 26,000 jobs were lost within the steel industry.
President Trump posted in a tweet last September that tariffs “have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country.”
Regardless of economic impacts and professional critique, the U.S. president continues to defend his stance on the issue.
Chinese and U.S. officials are scheduled for a meeting next month to discuss a new round of trade deals. A week ago, Trump stated he might contemplate an interim deal with China, but he would much prefer getting “the whole deal done.”
At the same time, Trump has threatened to place tariffs on carmakers from Europe.
The market is going strong in places like Germany and has been an important driving force of the region.
Although Finnish statistics shows a 0.5 percent growth rate since August, according to the previous three-month period, there has been a decline in exports—a detrimental aspect of its economic growth.
This wouldn’t be the first time the United States has been involved in a Trade War, there have been a few times in history that called for similar circumstances.
In 2002, according to history.com, “In an effort to boost the country’s steel industry, George W. Bush imposed temporary tariffs of 8-30 percent on steel imports.”
The European Union reacted swiftly by putting taxes on Florida oranges, American made vehicles and more, but Mexico and Canada were excused because of NAFTA issues. The World Trade Organization would receive a complaint against the United States finding the country broke rules of tariff rates agreement. Bush ended the trade war in 18 months—this being earlier than his original three-year plan.
The end result saw a rise in the cost of steel and, according to the Institute for International Economics, up to 26,000 jobs were lost within the steel industry.