16:33 20.07.2018

Ukraine must develop its economy while world waits for outcome of U.S.-China trade war – Ukrainian businessman Fuchs

2 min read

Beijing accuses Washington of creating the largest ever trade war and violating WTO rules because of the cost of imposing US duties, which is estimated at $34 billion. This was written by Ukrainian businessman Pavlo Fuchs on his Telegram messaging service. .

"The cost of the US imposed duties is estimated at $34 billion to help eliminate the U.S. deficit in bilateral trade with China, which reaches $500 billion a year," he said.

According to Fuchs, in addition to the relevant sanctions, there are reports of attempts by China to convince colleagues from EU countries to create an alliance against US trade policy.

Meanwhile, the European Union and Japan have concluded an agreement on the establishment of a free trade zone, which provides for the reduction or cancellation of duties on almost all goods.

Fux said European Council President Donald Tusk has already called the deal with Japan "the most bilateral trade agreement," while CNN said the "destruction of trade barriers" contrasts sharply with the approach that U.S. President Donald Trump has taken. The U.S. has introduced duties on a number of imported goods and threatened the adoption of new similar activities.

Fuchs said in his post that all countries protect their markets and economies, and that is why Ukraine should begin on this basis to build the economy, domestic and foreign policy.

"Countries enter only profitable alliances, and if they understand that the union has ceased to be profitable, they change the terms of cooperation or tear it apart. This is the protection of their national interests," he stated.

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