{"id":35486,"date":"2018-06-25T08:19:06","date_gmt":"2018-06-25T13:19:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35486"},"modified":"2018-06-25T08:19:06","modified_gmt":"2018-06-25T13:19:06","slug":"europe-warns-of-an-upcoming-trade-apocalypse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35486","title":{"rendered":"Europe Warns Of An Upcoming “Trade Apocalypse”"},"content":{"rendered":"
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Europe Warns Of An Upcoming “Trade Apocalypse”<\/span><\/a><\/h3>\n<\/div>\n
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As European officials struggle to do everything they can to save the WTO, which appears headed for an all-but-certain demise thanks to President Trump’s aggressive trade policies,<\/strong> EU leaders have apparently circulated an “internal memo” drafted by the European Commission that accuses the US of deliberately instigating the collapse of the global trade order, and warns of an upcoming “trade apocalypse.”<\/strong> In short, if this document is any guide, the trade war is about to get worse – <\/strong><\/em>as if Trump’s threat to impose 20% tariffs<\/a> on all cars coming into the US last week wasn’t bad enough.<\/p>\n

\"EU\"<\/a><\/p>\n

According to Bloomberg,<\/a> the EU warned that the “rules-based system of international commerce” could revert to an trade environment where “the strong impose their will upon the weak,” the memo said.<\/p>\n

Our world will go back “to a trading environment where rules are only enforced where convenient and where strength replaces rules as the basis for trade relations,”<\/strong><\/em> according to the memo.<\/p><\/blockquote>\n

The flirtations with a return to an environment of “mercantilist deals” have intensified as President Trump has been determined to narrow the trade deficit at any cost – even if the price is the collapse of the multilateral trade order.<\/p>\n

Specifically, the memo, which was obtained by Bloomberg<\/a>, spells out three complaints raised by the EU:<\/p>\n