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EU Retaliates Against US Banks, London: Global Trade War Tit-For-Tat

Monday, November 21, 2016 19:07
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mishtalk.com / Mike “Mish” Shedlock / November 21, 2016

The EU fired a major global trade war tit-for-tat retaliation today against US banks and the UK in a single action.

Brussels will raise costs for foreign lenders while simultaneously taking a pot shot at London.

Please consider EU to Retaliate Against US Bank Capital Rules.

Brussels is proposing to tighten its grip over overseas banks operating in the EU in a tit-for-tat step against the US that will raise costs for big foreign lenders and potentially hurt the City of London after Brexit.

The European Commission will unveil provisions on Wednesday that mirror controversial US “intermediate holding company” rules that ringfence foreign bank capital. When these were announced in 2014, the EU complained to Washington of “protectionism” and threatened to retaliate.

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The post EU Retaliates Against US Banks, London: Global Trade War Tit-For-Tat appeared first on Silver For The People.

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