Warning of catastrophic effects on the global economy due to Trump’s fees

The Spanish Minister of Economy, Carlos Cuerbo, warned of the negative effects of American customs duties on European products, stressing that it will exacerbate economic dispersion and create a poorest world.

Speaking to the RTVE network, Kuwarbo stressed that these fees will have a tangible impact on the global economy, pointing out that determining a 10% rate of 10% for all countries is an arbitrary decision and does not reflect the actual reality of commercial barriers between the United States and the European Union.

The Spanish minister also stressed the importance of reaching an agreement to avoid escalation, noting that the volume of commercial transactions between the European Union and the United States reaches 4.4 billion euros per day. At the same time, Europe stressed the willingness of counter -action to respond to American policies.

For his part, the Spanish Prime Minister, Pedro Sanchez, described the American customs duties as a step that restores the world to “protectionism in the nineteenth century”, announcing the launch of a 14.1 billion euros government plan to protect the Spanish economy. The plan includes a new financing of 7.4 billion euros, in addition to re -directing the previously allocated funds to support the economy.

In an urgent step to face the repercussions, the newspaper “El Mundo” revealed that Sanchez will hold an emergency summit with representatives of the most affected economic sectors of these drawings.

It is noteworthy that US President Donald Trump had signed a decree of imposing “mutual” customs duties on imports, as the basic minimum was 10%, with higher rates targeting countries with a high trade deficit with the United States, in an attempt to achieve a trade balance, according to the US Trade Representative Office. (Russia today)