Washington, July 1: French President Emmanuel Macron said on Monday that tariffs levied by powerful countries were often a form of “blackmail” rather than instruments to rebalance trade.His comments during a speech at the International Conference on Financing for Development in Seville, Spain, came with the European Union negotiating a trade deal with the US ahead of a July 9 deadline, though he did not specifically refer to the US or US President Donald Trump.
We need to restore freedom and equity to international trade, much more than barriers and tariffs, which are devised by the strongest, and which are often used as instruments of blackmail, not at all as instruments of rebalancing,” Macron said.
He also urged support – and a rethinking – of the World Trade Organization to bring it in line with goals to fight inequality and climate change.
“Bringing back a trade war and tariffs at this moment in the life of the planet is an aberration, especially when I see the tariffs that are being imposed on countries that are just beginning their economic takeoff,” Macron said.