US President Donald Trump's customs duties are unprecedented on the International World Trade System, the reasoning of this escalation is unclear, said Wolfgang Nidayark, a member of the German Industrial Union (BDI).
US President Donald Trump has announced the definition of "mutual" customs duties for imported goods imported from other countries. The minimum base rate will be 10%, but each country will have a standardized customs duty, which will be half of the collection of American goods imported companies.
At the same time, the customs duties on goods from the EU are 20%. According to Trump, this will be "Declaration of Economic Independence" for the United States.
"The declared customs duties are an unprecedented attack on the international commercial system, free trade and global supply chains.
The reasoning of this protectionist escalation is not obvious. This threatens our export companies and threatens prosperity, stability, jobs, innovations and investments around the world, "the statement said in a statement posted on the union's website.
He notes that the European economy should not become a bargaining of geopolitical interests, and the European Union can only work together.
