Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

ECB's Draghi says unilateral trade policy moves are 'dangerous'

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/08/2018 | 03:21pm CEST

FRANKFURT (Reuters) - Unilateral decisions on trade policy are dangerous and disputes should be settled using international bodies, European Central Bank President Mario Draghi said on Thursday, in the wake of U.S. plans to impose tariffs on imports of steel and aluminium.

"We are convinced that disputes should be discussed and resolved in a multilateral framework, that unilateral decisions are dangerous," Draghi said at a news conference after the ECB's regular monetary policy meeting.

U.S. President Donald Trump has unveiled plans to slap levies on imported steel and aluminium and openly raised the prospect of a trade war to reduce the U.S. trade deficit.

Draghi suggested a unilateral approach on trade matters, however, reflected badly on the state of diplomatic relations between countries.

"There is also a worry about the state of international relations, because if you put tariffs against (those) who are your allies, one wonders who the enemies are," he added.

He said the immediate impact of the U.S. tariffs was unlikely to be big. But the longer-term impact would depend on whether retaliatory measures were taken, whether there was a response in the exchange rate, and also what the effect would be on confidence.

"The effect on confidence is very difficult to assess. But if it's a negative effect on confidence that's going to be negative on both inflation and the outlook."

Some investors have been speculating such a trade war could complicate the ECB's plan to withdraw post-crisis monetary stimulus by hurting the euro zone's economy.

(Reporting by Balazs Koranyi; Writing by Hugh Lawson; Editing by Catherine Evans)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
07:30pFacebook not protecting content moderators from mental trauma - lawsuit
RE
07:29pECOSOC UNITED NATIONS ECONOMIC AND SOCIAL COUNCI : ‘Face the Forces That Threaten Us’ With Courage, Conviction of Nelson Mandela, Secretary-General Tells Peace Summit Honouring Former South African President
PU
07:29pECOSOC UNITED NATIONS ECONOMIC AND SOCIAL COUNCI : Nelson Mandela Embodied Values of Peace, Human Dignity, Secretary-General Says at Unveiling of United Nations Headquarters Statue
PU
07:24pEUROPEAN UNION : ESMA monitors volatility in financial markets
PU
07:16pU.S.-North Korean Relations Have Improved, CIA Chief Says
DJ
07:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
07:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
07:13pGold Prices Increase on Falling Dollar
DJ
07:09pNORTHERN IRELAND EXECUTIVE : Chief Vet calls for vigilance after Bluetongue detected in cattle imported to GB (external link opens in a new window / tab)
PU
06:54pWORLD BANK : 20 Global Companies Announce New Commitments to Help Address the Refugee Crisis
PU
Latest news "Economy & Forex"
Advertisement