måndag 29 januari 2018

Terminal stupidity of EU leaders

Brussels has warned that it stands ready to retaliate and potentially open up a transatlantic trade war if the US delivers on apparent threats to restrict European imports.

The mad prospect of an orgy of mutual self-harm opens up. The main effect of the protectionist policies that Trump is promoting will be to cause unnecessary expense and inconvenience to US consumers and producers, with the exception of those in the protected industries, a minority of the total. If Delta Airlines had been prevented from purchasing the Bombardier aircraft it chose, the losers would have been Delta Airlines and the airline’s passengers.

The EU leadership seems to be unaware that if EU exporters are on the receiving end of another country’s protectionist policy, the least damaging policy is to do nothing. Retaliatory sanctions compound the damage. It is bad enough that the Single Market already restricts US goods. It makes no sense to create, deliberately, difficulties for people inside the EU who want to purchase US goods.Where do these crazy ideas come from? The EU leaders should just respond with scorn and ridicule.

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