China has wrapped up a pretty good trade deal. The UK has managed to agree to lift some of the US tariffs. With President Trump touring the Gulf states this week, they may soon have an arrangement in place, especially as Qatar took the precaution of gifting the president a new 747. Japan may well have something signed over the next few weeks. There is just one exception. Where is the EU’s deal?
President Trump has described the EU as ‘nastier than China’
Despite the panic last month, it looks like the global trading system will soon be back to relative normal. The US and China, the two largest economies in the world, have called a truce, lowering tariffs on both sides. The great ports on the Pacific can be re-opened and goods can start flowing in both directions again, even if the levies will be slightly higher than before. The Japanese press is reporting that there should be a deal in place by July at the latest, although there are still some sticking points on car imports.
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