Less bureaucracy and more trade agreements can be a good response to increasing protectionism in the west and state aid in the east. This is what Denmark’s Foreign Minister Anders Samuelsen believes, adding that the current situation will not affect free trade.
Mr. Samuelsen talked onboard the ‘M/S Postboat Peter,’ during Blue Denmark’s participation in the People’s Meeting, noting that despite the recent US tariffs and the growing Chinese state aid, these efforts will only be temporary.
Regardless of the current situation on world markets, I am an indomitable optimist. Globalization, free trade and technological development can not be curbed, but, on the other hand, will continue to make the world a better place to live. This development is an important part of Denmark.
Nevertheless, despite being optimistic, Anders Samuelsen said that ensuring free trade will be a difficult task not only for Denmark but for the world as well. He explained, that efforts to safeguard free trade must show the Americans that they are benefiting from the tariffs, while China must be convinced that using stated aid to own companies and industries, will not provide concrete results in the long term.
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Mr. Samuelsen explained:
“In Denmark, we insist on protecting free trade. For us, they are pushing hard as we enter into trade agreements with countries such as Canada, Japan and South America.
In a recent development, the possibility of a trade war between US and China showed signs of igniting, as US President Donald Trump said he will push ahead with the implementation of a 25% tariff on $50 billion of goods from China that contain industrially significant technologies.
In response, Beijing said it would impose tariffs “of the same scale and strength”. Namely, the Chinese news agency Xinhua said China would impose 25% tariffs on 659 US products, ranging from soybeans and autos to seafood.
Earlier, EU, Mexico and Canada had announced their own tariffs on the US.
The EU has now stroke back, as it submitted eight pages at the World Trade Organization (WTO), setting out 25% tariff increases for the US regarding steel and aluminum.
Mexico has also responded to the US tariffs. Namely, it will impose 15% to 25% tariffs on US steel and some agricultural goods. The tariffs also include a 20% tariff on US pork imports, apples and potatoes and 20 to 25% rates on types of cheeses and bourbon.
Canada will impose retaliatory tariffs on £9.6 billion worth of US exports and challenge US steel and aluminium tariffs under the North American Free Trade Agreement and the World Trade Organization. The Canadian tariffs will enter into force from July 1 and will last until the US lifts its own measures.
