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Dow Closes at a Record High as the EU Decides a Trade War Doesn’t Look Like Fun

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President Donald Trump and European Commission president Jean-Claude Juncker leaves the podiums after speaking in the Rose Garden of the White House, Wednesday, July 25, 2018, in Washington. (AP Photo/Evan Vucci)

A short while ago, President Trump and European Commission President Jean-Claude Juncker gave a joint press conference on the end of the trade war that seemed imminent between the US and the EU.

Much earlier in the day, the EU had threatened to hit the US with a multibillion dollar package of sanctions…something I don’t think either side actually believed but the EU had to look like it was stepping up rather than stepping off. None of the EU economies are strong enough to weather an actual trade war with the US and, more importantly, the EU isn’t politically strong enough to hold its member nations in check.

The key thing here is the goal they’ve set of reducing tariffs to zero…which is what trade reciprocity and free trade are really about. And, there is a NATO component in the deal. Europe will build LNG terminals and this will reduce their dependence upon Russia.

This is creating a model for the dispute with Canada and other trading partners and it is beginning to describe the outlines of how the major trade spat with China will be resolved.

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The post Dow Closes at a Record High as the EU Decides a Trade War Doesn’t Look Like Fun appeared first on RedState.


Source: https://www.redstate.com/streiff/2018/07/25/dow-closes-record-high-eu-decides-trade-war-doesnt-look-like-fun/


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