Scholz urges EU to avoid escalation over US tariffs

Friday, 18. October 2019 14:31

German Finance Minister Olaf Scholz called on the European Union to "stay cool" after Brussels announced plans to impose retaliatory tariffs against the United States.

Scholz stressed the EU should try to avoid another escalation in its trade relations with Washington and noted EU negotiators are working on reaching a trade deal with the US in an effort to avoid further tariffs. "I think it will work at the end of the day," he stated.

Earlier, US tariffs on $7.5 billion worth of European goods, imposed after the World Trade Organization (WTO) ruled that the EU illegally subsidizes Airbus, came into force. Meanwhile, European Trade Commissioner Cecilia Malmstrom said the EU will target American goods with tariffs "in due time" over its subsidies to Boeing in response to Washington's measures.

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Breaking the News / NP