The uncertainty created by the Trump presidency seems to have become the catalyst for increased global cooperation and coordination. This week, we have seen progress on trade talks between China, Japan and South Korea – three countries which traditionally would not have been allies.
The uncertainty created by the Trump presidency seems to have become the catalyst for increased global cooperation and coordination.
This week, we have seen progress on trade talks between China, Japan and South Korea – three countries which traditionally would not have been allies.
China is already effectively in a trade war with the US as Trump hiked tariffs on imports from that country to 20% last month and China responded by targeting US agricultural exports.
There is possibly some good news for Irish agri-food exports in the latest meeting between EU and China trade ministers.
That relationship was souring last year with the introduction of anti-dumping EU tariffs on Chinese electric vehicles and the Chinese investigation in EU dairy exports. After the meeting both sides agreed to work to “improve and rebalance EU-China trade and investment relations” and in a possibly significant move to “set up a working group and agri-food market access”.
EU defence
Countries are also preparing for a world where the US will not be a reliable ally.
The announcement of a huge expansion in EU defence spending and the examination by several countries, including Canada, of current defence contracts with the US, will be a blow to that country’s military-equipment manufacturing industry.
Trump’s policy goal seems to be to increasingly isolate the US from the world. All signs suggest the rest of the world is preparing to isolate the US.
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