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Scott Lincicome @scottlincicome
, 9 tweets, 2 min read Read on Twitter
The EU statement makes clear that the steel/aluminum tariffs remain in force (& no concrete commitments). But the tone is better, and maybe(?) no auto tariffs as long as they keep talking.…
Let's unpack this statement, shall we?
Paras 1-3: happytalk
Paras 4-5: an agreement to start talking about a deal for full trade liberalization in "non-auto industrial goods" (ie, no cars, no ag) + reducing barriers in services, chemicals, pharma & soybeans. AKA "TTIP Very Lite"
(A very detailed rundown of TTIP's ambition is here:…)
Para 6 (energy): the parties will "strengthen" their current cooperation on energy & LNG - aka what both parties have wanted (and have done) for a decade
Para 7: "launch a dialogue" on standards (like TTIP sought to do, but less binding)
Para 8: join forces to address "unfair global trade practices" & other issues...on which they've long agreed & worked together. Nice to see the US sorta-support the WTO, however.
Para 9: "Executive Working Group" to move things along. And "While we are working on this, we will not go against the spirit of this agreement, unless either party terminates the negotiations." Seems this means no new tariffs, but...vague.
Para 10: "We also want to resolve the steel and aluminum tariff issues and retaliatory tariffs." But for now, they're all still in force.
So, to recap: In the last 18 mos, Trump--
- Ditched a comprehensive EU-US FTA (TTIP)
- Imposed "natsec" tariffs on EU metals, hurting US consumers & eliciting EU retaliation
- Escalated bilateral tensions
- Deescalated tensions; maybe began TTIP-Lite talks; but all tariffs remain
So it's good that things are calming down, but they were only not-calm bc of Trump. And we're actually worse off, negotiating a less comprehensive deal, than the status quo as of January 2017. Hooray?
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