France’s finance minister warns the world of repercussions of Trade War

France’s finance and economy minister Bruno Le Marie has warned that the trade war could create economic crisis all over the world especially in Europe. He said that due to the ongoing trade war between U.S. and China, Europe’s economy is performing worse than it should. He also said that the countries need to draw a line between national security concerns and trade disputes.

He said that the ongoing trade is far ahead of China and U.S. The entire world will face and is facing the consequences. He was speaking with CNBC over the weekend at the G-20 Finance Ministers Meeting in Fukuoka, Japan. He said that Europe is the most affected part of the trade war.

He particularly pointed towards French and German economies that are affected by the tense relations between China and U.S. Pierre Moscovici, European commissioner for economic and financial affairs, taxation and customs, shared the views of Le Maire.

Moscovici said that “We are of course concerned by the trade tensions (between the U.S. and China) … because we are the most open economy in the world. That’s why we are so attached and it is one of our values to free economy, to open economy, to free trade, to multilateralism, that’s why we’re so reluctant against protectionism.” He emphasized that, “The trade tensions is the worst threat to the world economy.”

All eyes will be on the highly anticipated meeting between the two-world leader’s Xi Jinping and Donald Trump later this month. He was asked whether the French government will comply with U.S. government in barring the services of Chinese Telecommunications giant Huawei, he said that they are seeing the bigger picture which is the sovereignty of France.

Managing editor of the Chicago Morning Star

Related Posts
The US withdrew from the Intermediate-Range Nuclear Forces Treaty on August 2. It has tested
Israeli officials have announced that they will block the entry of two congresswomen, Ilhan Omar
The China-US trade war rhetoric doesn't seem to step down as tensions are escalated further
Sir Kim Darroch, who has been serving as the ambassador of UK from the USA
A Republican Senator has said that a deal between US and China is highly unlikely.
US has announced the strike against Iran over the downing of its drone but Donald
United States and Iran have confirmed the incident of US drone shot down by Iran.
US military is working on a mission of building forces in the Middle East. US
In 2018, Canada resettled more refugees than US for the first time and it led
It has been revealed that a Chinese-owned company is making the printed circuit boards for