The European Union has warned that its trade with the United States could be effectively wiped out if Washington makes good on its threat to slap a 30% tariff on goods imported from the bloc.
A tariff of “30%, or anything above 30%… has more or less the same effect. So, practically it prohibits the trade,” Maroš Šefčovič, the EU’s trade commissioner, said as he arrived ahead of an EU ministerial meeting in Brussels on Monday.
Šefčovič said it will “be almost impossible” for the bloc to continue its current level of trade with America if that new tariff rate is implemented on August 1 – the date stipulated by US President Donald Trump in his letter to the EU on Saturday.
That was more or less the whole premise of the Bretton Woods agreement which made the US the world hegemon by bringing peace and economic prosperity to the world. But Trump is throwing all that in the trash, so Europe will once again stand on its own two feet. And I predict that the US will lose much of its financial power to Europe who will be seen as the new bastion of stability and stable governance while the US goes full fascist.