BRUSSELS, March 12 (Reuters) – The United States should view the European Union as a partner in the fight against manufacturing overcapacity rather than a cause of the problem, the European Commission said on Thursday after the U.S. administration launched investigations into unfair trade practices of the bloc and 15 other trading partners. A Commission […]
Business
EU urges US to view it as ally in tackling overcapacity, not source of problem
Audio By Carbonatix
BRUSSELS, March 12 (Reuters) – The United States should view the European Union as a partner in the fight against manufacturing overcapacity rather than a cause of the problem, the European Commission said on Thursday after the U.S. administration launched investigations into unfair trade practices of the bloc and 15 other trading partners.
A Commission spokesperson said the EU shares the United States’ concern regarding structural overcapacity in the global economy, but that the sources of such overcapacity do not lie in Europe.
“The EU is a market-driven economy with open markets and transparent policies. As such, the EU does not consider itself a contributor to structural excess capacity, but rather a partner in addressing global distortions,” the spokesperson said.
(Reporting by Inti Landauro and Philip Blenkinsop;Editing by Sudip Kar-Gupta)