'Devil is in the detail' - EU says will check US-China deal

Boris Johnson on the steps of Downing Street with EU Commission president Ursula von der Leyen

EU Trade Commissioner Phil Hogan said he had a good exchange of views with U.S. Trade Rep Robert Lighthizer in Washington.

Meanwhile, referring to the positive EU-US trade headlines, an analyst at British Financial spread better Spreadex, Connor Campbell said on Friday's' (January 17th) European market round off, "The positive comments surrounding one of the United States' other trade conflicts - with the EU - it just adds to the overall feeling of relief". However, the prime minister was spotted past year using a Huawei cellphone to snap a photo.

The European Union's new trade commissioner criticized U.S. President Donald Trump's tariff pressure as a short-sighted strategy that's motivated by a desire to get re-elected and is forcing the bloc to rethink the tools it has to respond.

"We haven't analysed the document in detail but we will, and if there's a WTO-compliance issue, of course we will take the case", Mr Hogan told the Washington conference at the Centre for Strategic and International Studies.

He said Brussels hoped to leverage concerns it shares with Washington, about China and the need to reform the World Trade Organization, to move forward on settling disputes about aircraft subsidies, digital service taxes and trade barriers.

The trade-sensitive miners' sub-index was the best performer for the day, as the prospect of better US-EU trade discourse added to optimism following the signing of an interim trade deal between the US and China. One prospect might be to focus on sanitary and phytosanitary standards, he said.

There is every chance that emerging economies could get caught up in new global trade tensions, said Gareth Leather at Capital Economics. "He is obsessed with trying to reduce the deficit" and "has gone against the natural instinct of what policy makers have been doing".

China has agreed to purchase an additional $200 billion of U.S. goods and services - including $32 billion of agricultural goods - over the next two years in return for lower USA import tariffs and a pledge not to raise additional tariffs.

'Its full impact will depend on how the deal is implemented, including whether China can meet its commitment to dramatically increase imports from the U.S., as well as possible trade diversion effects on other exporting economies, ' Coulton said.

'The deal could have negative trade consequences for Brazilian farm product exports to China, ' said Pedro da Motta, head of the Cindes think tank, singling out soy beans.

Brian Coulton, chief economist at Fitch Ratings, cautioned that implementation of the deal and its impact on the rest of the world were still uncertain.



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