The European Commission has today launched a public consultation on a preliminary list of products from the United States on which the European Union may take countermeasures in the context of the ongoing Boeing dispute at the World Trade Organisation (WTO). The public consultation will last until 31 May 2019.
A new study warns against the impact of economic and political instability on the transatlantic economy. In the context of a cyclical slowdown in global growth, uncertainty is testing the resilience of the world’s largest marketplace. The research was conducted independently by Daniel Hamilton and Joseph Quinlan for the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies and commissioned by the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce.
The world’s largest economies, particularly the EU, China, the US, Mexico and Canada, are all projected to suffer economically from the re-emergence of economic protectionism, and a significant increase in trade tariffs. In the case of the EU, the bloc would experience a 1% contraction in GDP, a 0.3% lower rate of employment, and a 1.1% decrease in imports by 2030, compared to a ‘no new tariffs’ baseline scenario.