President Donald Trump usually do the things he promise to do. He had long talked about tariffs, and earlier this week he said; “I have no choice.” His economic advisor Gary Cohn didn`t like that and announced retirement.
Mr Trump shocked the market last week with his decision to impose 25 percent tariff on steel imports and 10 percent tariff on aluminium. Investors are worried because Gary Cohn, who is a Wall Street veteran, was opposed to the tariffs.
Gary Cohn is a former Goldman Sachs president and free trade advocate. He is the man who helped Mr Trump and his team at the White House to deliver historic tax cuts and reforms, but he clashed with Trump`s protectionist advisors on the issue of tariffs.
White House officially said that President Donald Trump will announce more details on the tariff proposal on Thursday this week.
In addition, there could be conversation this week around more trade actions.
European Union said they will target $3,5 billion of goods like motorcycles, T-shirts, whisky and jeans imported from the United States. European Commission President Jean-Claude Juncker said the trade bloc would “not sit idly” if Trump goes ahead with his tariffs.
President Trump warned the US would apply a tax on European cars if the bloc wants to increase tariffs on American companies. A statement the European automakers didn`t like at all.
The Volksvagen emissions scandal (Emissionsgate/dieselgate) began in September 2015, when the United States Environmental Protection Agency issued a notice of violation of the Clean Air Act to German automakers Volkswagen Group.
Volkswagen pleaded guilty to conspiracy and obstruction of justice charges in a brazen scheme to get around US pollution rules on nearly 600,000 diesel vehicles by using software to suppress emissions of nitrogen oxide during tests.
Assistant US attorney John Neal said it was a “calculated offence,” not a «monetary lapse of judgement».
In my recent articles, I have talked about Europe`s treatment of American companies. A bad treatment that has been going on for decades.
In 2001, the European Commission accused Microsoft of having illegally extended its dominans in operating systems for PC`s into adjacent markets, for tying Windows to programs that play music and videos.
The European Commission said Microsoft was too dominant in the market in 2001. They said the same about Google in 2016, claiming that Google was too dominant in the internet search market. Last year, they attacked the biggest company in the world: Apple.
Nucors CEO told CNBC last week that the presidents proposal was about treating Europe “exactly as they treat us.” So, who is the real elephant in the room?
President Trump has many times said that Europe are treating USA bad, and this has been going on for a long time now. It is clear to see that there has been a silent war going on, but Mr Trump is the one to do something with that.
The war between Europe and USA is not a secret anymore. This trade war is a zero sum game, and there is no winner. This is how the market was before the start of World War II. Now, the history seems to repeat itself. This can be very ugly.
In 2015, Russia marked 70 years since the victory over the Nazis with a spectacular parade in Moscow. Many Western leaders missed the event. USA is the one who stopped World War II.
<p align="LEFT"><span style="color:#333333;"><span style="font-family:Georgia, 'Bitstream Charter', serif;"><span style="font-size:small;">Everybody in Greece are talking about Nazi-Europe. They know the history from WWII. Nazi Germany invaded Greece to assist its ally, Fascist Italy, which had been at war with Greece (Greco-Italien War) for about a year. </span></span></span></p>
<p align="LEFT"><span style="color:#333333;"><span style="font-family:Georgia, 'Bitstream Charter', serif;"><span style="font-size:small;">The occupation ruined Greek economy. The Nazi occupation led to rampant inflation, and 200,000,000-drachma banknote were issued in 1944. They cant do the same today, because they do not have its own currency. They have Euro.
What the Nazi`s did to Greece is a long list of crimes against humanity, and the truth cannot be hidden.
The Nazi`s burned down every house and dynamited the church in retaliation, but the Greeks were the first Europeans who won a victory against fascism.
The biggest party in Italy, The Five Star Movement, is Euroskeptic. So, are the Brexit voters. EU need to change its strategy very fast, because EU is very important but not the ugly part of it.
European Commisssion doubts justification for Trump tariffs. It is done under section 232, which refers to National security. European Commission cannot see how the allies is a threath to International Security in the United States.
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