The European Union has announced eliminations on American lobster tariffs. This follows after President Donald Trump demanded that tariffs on lobsters be lowered. Refusal on behalf of the European Union would’ve seen POTUS implement “Import Taxes” on $160 Million worth of products arriving from Europe. This would’ve included everything from crystal glassware to cigarette lighters. Trump’s financial attacks towards Europe follows after his economic war with China began to dwindle, with America becoming victorious. Donald Trump promised he’d get the same result from the European Union.
Most Americans aren’t aware that throughout the last two decades, the European Union & United States have been a financial war. Both economic powerhouses have implemented tariffs onto one another, marking the elimination of Lobster tariffs the first reduction agreement made by Europe & America in twenty years. Financial analysts noted that the European Union was forced into making reductions after President Donald Trump threatened severe tariffs onto European vehicles. Leaders under the European Union couldn’t enforce a similar policy, with civilians across Europe uninterested in American cars.
President Donald Trump has seen a substantial percentage of the fishing industry in America disappear since 2017. This follows after the Canadian government signed a “2017 Free Trade Agreement” with Europe, and the Chinese Communist Government implemented tariffs onto America’s crustacean market. Factoring these attributes with the European lobster tariffs, fishers in the United States that focus on crustaceans were losing a notable percentage of their business. Trump’s announcement on the tariff eliminations marks a change in the crustacean marketplace, allowing for growth after five years of declining revenue.
Additional Economic Challenges to Overcome
It should be mentioned that the United States & European Union have solved one issue, with thousands more looming over the two economic powerhouses international trade. The most notable tariffs that must be destroyed is Europe’s taxes on American tech products, aluminium, and steel. For the European Union to eliminate that tariff, Donald Trump would have to terminate charges onto $7.5 Billion worth of goods from Europe. Both are highly unlikely to occur in the current economic environment after the COVID-19 pandemic.
The chances that relations could improve are minimal after 2021. It’d take Americans electing Joe Biden for European Union relations to improve. Under the leadership of President Donald Trump, tariff eliminates will continually be one-sided towards America’s benefit.