China stands to gain from the ongoing trade wars between the US and its allies, the European Union’s foreign policy chief Kaja Kallas said in an interview with Bloomberg Television. “Who is laughing on the side or looking at the side is China,” Kallas said Thursday on the sidelines of a Group of Seven meeting in Canada. “It’s really benefiting from the US having a trade war with Europe.” Her comments came hours after US President Donald Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and elsewhere in the EU, the latest escalation in a growing transatlantic trade war. Trump made the threat in response to the EU’s plan to tax American whiskey exports, a retaliation against Trump’s steel and aluminum tariffs.
Kallas reiterated the EU’s readiness to retaliate while calling for restraint as trade wars usually trigger inflation peaks that harm consumers. “We keep a cool head and of course we are ready to act and defend our interest when we need to,” she said.
——–
Watch Bloomberg Radio LIVE on YouTube
Weekdays 7am-6pm ET
WATCH HERE: http://bit.ly/3vTiACF
Follow us on X: https://twitter.com/BloombergRadio
Subscribe to our Podcasts:
Bloomberg Daybreak: http://bit.ly/3DWYoAN
Bloomberg Surveillance: http://bit.ly/3OPtReI
Bloomberg Intelligence: http://bit.ly/3YrBfOi
Balance of Power: http://bit.ly/3OO8eLC
Bloomberg Businessweek: http://bit.ly/3IPl60i
Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:
Apple CarPlay: https://apple.co/486mghI
Android Auto: https://bit.ly/49benZy
Visit our YouTube channels:
Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts
Bloomberg Television: https://www.youtube.com/@markets
Bloomberg Originals: https://www.youtube.com/bloomberg
Quicktake: https://www.youtube.com/@BloombergQuicktake
