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French Finance Minister Bruno Le Maire (pictured) mentioned on Thursday (14 January) that resolving commerce sanctions was his precedence with the incoming US administration with a view to maintain a commerce battle from including to the financial ache from the coronavirus pandemic,write Christian Lowe and Leigh Thomas.
France’s Le Maire talks sanctions, Carrefour, progress
US President Donald Trump’s administration hit France with tariff duties on wine after failing to resolve a 16-year dispute over plane subsidies with the European Union. It additionally threatened to impose tariffs on French cosmetics, purses and different imports over Paris’ digital service tax on huge web firms.
“The consequences of trade sanctions on our economy are very negative and very detrimental. We already have the pandemic crisis,” Le Maire mentioned in an interview on the Reuters Next convention.
“We should not add any kind of difficulties to this very difficult economic situation. A trade war is not in the interests of the U.S. and not in the interest of Europe.”
Le Maire mentioned that he had acquired no “initial signals” from the Biden administration about how it might take care of commerce, however that he hoped to go to Washington in February.
If the Biden administration provides its help, Le Maire mentioned stalled talks amongst practically 140 international locations to rewrite the principles of worldwide taxation might be revived on the OECD and wrapped up inside six months.
Trade tensions with Washington have added to the clouds hanging over the French financial system within the final 12 months, because it was already scuffling with its deepest downturn since World War II.
The US authorities this week started amassing new duties on sure non-sparkling wines in addition to cognacs and different brandies from France, including to the stress on the financial system because it struggles with a sluggish begin to its vaccination programme.
Despite a weak begin to the 12 months, Le Maire mentioned that his forecast for six% progress in 2021 remained inside attain and that he was assured of a robust restoration within the second half of the 12 months.
But he added: “We have to remain humble and cautious because we have been fooled by the virus many times.”
The minister mentioned he was not nervous concerning the initially sluggish roll-out of the COVID-19 vaccine in France.
For extra protection from the Reuters Next convention please click here.
To watch Reuters Next reside, go to here.
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