Photo: Aly Song / Reuters
European countries could lose $ 10.8 billion from falling exports to China due to the first stage of a commercial transaction, the US and China. This is stated in the study of the Kiel Institute for the world economy (Kiel Institute for the World Economy).
The Union of China and the United States will cost Europe billions of dollars. Most will lose aircraft manufacturers (-3,7 billion), vehicles (-2,4 billion dollars) and industrial equipment (-1,4 billion dollars). The percentage of hardest hit aviation industry (-28 percent), vehicle manufacturers (-7 per cent) and pharmaceutical products (-5 percent). Major losses among European economies will suffer Germany and France.
In 2021 China will spend on imports from the US by 95 billion dollars more than to start a trade war in 2017, imports of goods will double. Only in the manufacturing sector of the US earn on deliveries of goods to China in 2020, $ 33 billion more than in 2017 and in 2021 — 45 billion. The increase in imports to China from the United States will entail a reduction of supply from the EU, where China now gets one-fifth of all imported industrial goods.
“The agreement is even stronger undermines the foundations of the world trade organization (WTO), namely, the principle of free trade. China, which has repeatedly insisted on the values of the multilateral system, thereby makes himself an accomplice in the violation of the basic principles of the WTO”, — said the President of the Kiel Institute Gabriel Felbermayr.
The US and China on 15 January signed an agreement on the first stage of a trade transaction between the countries. Under contract for two years, China will spend on goods and services from the US $ 200 billion. The U.S. in return agreed to abolish duties on goods from China after the development of the second stage of the transaction.
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