New Delhi: The global economy is feared to be at greater risk of trade-wise. In particular, the protectionist attitude of the US is driving the world towards recession. The trade war between US President Trump and European Union (EU) leaders, which were to attend the G-7 meeting, sparked a debate over the dangers of trade wars. EuCouncil chief Donald Tusk said the trade war will deepen the slowdown, while reconciliation will strengthen the global economy.
Ahead of the meeting, Trump had threatened French President Emmanuel Macron that the US would impose import duties on French wine if he did not roll back the tax levied on US technology companies. In response, Tusk also said the EU is ready to deal with its best trading partner.
The EU has not initiated this conflict, but is fully prepared to deal with it. President Donald Trump has announced a fresh tariff on Chinese products. In a statement issued by the White House, Trump said a 30 per cent tariff will be levied on Chinese goods worth 250 billion dollars from October. Amid a deepening trade war between the US and China, the U.S. stock market tumbled below 2.4 percent, down 600 points, or 2.4 percent, on the dow jones industrial average.
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