According to EU Commissioner for Trade Cecilia Malmstrom, The trade policy of US President Donald Trump is “doomed to fail.”
The trade policy of US President Donald Trump is “doomed to fail,” EU Commissioner for Trade Cecilia Malmstrom said on Tuesday. At the same time, she stressed that the EU still maintains its commitment to open borders and economies.
“Those who in the 21st century think that we can become great again by rebuilding borders, re-imposing trade barriers, restricting people’s freedom to move, they are doomed to fail,” Malmstrom said.
The EU Commissioner for Trade noted that building of walls is not the right answer, and stressed that the EU’s success is based on its open societies.
According to Malmstrom, currently, there is no hope that the Transatlantic Trade and Investment Partnership, launched by former US President Barack Obama, would help US digital and service-based companies to enter the EU market.
“The election of Donald Trump seems likely to put our EU-US negotiations firmly in the freezer, at least for a while,” Malmstrom noted.
On Monday, Trump withdrew from the Trans-Pacific Partnership, which would have linked the US and Pacific Rim countries. The decision was considered as a marker of a more closed US trade policy.
Reportedly, the US President also intends to sign an order to eliminate the free trade agreement between the US, Canada and Mexico, known as the North American Free Trade Agreement (NAFTA).