Bernd Lange
Appearances
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
First of all, it's unjustified. So we have quite low tariff level between the United States and Europe, around about 5%. But regarding the situation, around about 70% of our goods are tariff-free. The reality is that we have an average of 2% tariffs between Europe the two regions. And this means this figure of 39% unfair tariffs and non-tariff barriers is totally unjustified, and even this 20%.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And therefore, we are really clear in rejecting this measure with countermeasures, but also we are trying to negotiate and convince trade guys and the White House that this is not justified.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Yeah, but listen, we have to really look on the whole picture. The trade balance of goods, of course, is negative for the United States. But this is based on our good products because we are not doing any illegal subsidies or dumping practices or so. And if a man or woman in California wants to buy a Porsche instead of a Ford, so what? This is not an illegal process.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And secondly, as I mentioned, the deficit on our side on services and also regarding investment. So we need really to look for the whole picture. And then I guess it's more or less balanced.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And the U.S. economy as well. I guess higher prices will be also the result for U.S. consumers. So therefore, I'm not calling this day a day of liberation. I am calling it a day of inflation. Look to the reality on tariffs. I'd say on average we have 5%. But looking to the volume of trade, it's only 2%. We can look to specific tariff lines.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
of course, always mention 10% for cars imported to the European Union and only 2.5% for cars going to the United States. So if going to the tariffs, let's go to facts and figures and discuss it and we can do something. That is an offer. Secondly, yes, it is also clear that we could buy some cars U.S. goods to reduce the deficit in goods. That's also in our negotiation basket.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
But certainly, it's totally clear that legislation inside the European Union, which is valid for people inside the European Union, for domestic companies, and valid for people coming from outside and foreign companies, that legislation is not on the negotiation table.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Yes, there are different standards for several goods and also for agricultural goods. That's for sure. We have a different view on some cases. And there was one remark, our standards are not scientific based. So what? We have a different view on that. And this is not a trade barrier.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And we are convinced that our legislation is proper because it's also valid for both domestic and foreign companies. On the digital area, we have clear regulation to guarantee fair competition also online, not only offline. And we have clear legislation to protect consumers also online. And this is not a non-tariff barrier. necessary instrument to secure fair competition and protect our consumer.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
And therefore, this is not on the negotiation table, that's for sure.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
Of course, we have a quite diversified trade and we have a lot of trade with a lot of countries worldwide and we want to have a stable relation because trade is an engine for sustainable growth and therefore we really intensify our relation with our trading partners. We have, as you know, 44 trade agreements with around about 70 countries worldwide. We modernize our agreement with Mexico.
WSJ What’s News
Recession Fears Rise as Global Selloff Continues
We are negotiating quite intensively with Indonesia. Of course, we want to guarantee that an open and fair market is given. And therefore, we are also looking to trade partners besides the United States.