Germany and France are currently developing solutions to combat the U.S.’ trade wars against European countries. Ever since the Trump administration’s controversial tariffs were announced, German Chancellor Angela Merkel and French President Emmanuel Makron have taken the responsibility to decrease the damage that the trade wars will have on the European economy.
Both of them, as well as other European leaders, have been working in enhancing their independence from the United States in a way to move forward economically. While they do not intend to completely end their transatlantic relations, they do intend to decrease their economic reliance in the US.
French Finance Minister Bruno Le Maire stated during a meeting with press association AJEF:
“With Germany, we are determined to work on an independent European or Franco-German financing tool which would allow us to avoid being the collateral victims of U.S. extra-territorial sanctions. I want Europe to be a sovereign continent not a vassal, and that means having totally independent financing instruments that do not today exist.”
The main aspect of the economic conflict that has raised tensions in Europe has been the reimposed sanctions in European businesses still working in Iran. After the Trump administration exited the Iran nuclear arms deal, they decided to bring back the former tariffs applied to the countries businesses, forcing all economic international presence (mainly European) to exit the country. They stated that those who didn’t leave by a certain date, they would face multi-billion dollar sanctions, which would heavily affect the country’s economy.
Regardless of the threats and measures, Europe is standing strong and refuses to leave their presence in Iran. The Middle Eastern nation itself has also shown itself strong against the tariffs, stating its intentions of keeping their oil exports as solid as possible. While the U.S. brought the sanctions back with intentions to convince the nation into stopping its nuclear weapons program, Iran has stated that they won’t start conversations about it until the sanctions are released.
Featured image via President of Russia