The Fort Worth Press - Jolted by Trump, EU woos new partners from Asia to Latin America

USD -
AED 3.672975
AFN 71.500934
ALL 86.604905
AMD 389.279726
ANG 1.80229
AOA 914.999901
ARS 1144.728698
AUD 1.55643
AWG 1.8025
AZN 1.70093
BAM 1.72067
BBD 2.019048
BDT 121.496602
BGN 1.730755
BHD 0.376941
BIF 2933.5
BMD 1
BND 1.291083
BOB 6.910295
BRL 5.744904
BSD 1.000022
BTN 84.710644
BWP 13.559277
BYN 3.27258
BYR 19600
BZD 2.008666
CAD 1.38385
CDF 2874.999669
CHF 0.8236
CLF 0.024666
CLP 946.529951
CNY 7.22535
CNH 7.228035
COP 4297.75
CRC 506.081869
CUC 1
CUP 26.5
CVE 97.39745
CZK 22.011997
DJF 177.71985
DKK 6.600204
DOP 58.904372
DZD 132.831925
EGP 50.616702
ERN 15
ETB 132.650026
EUR 0.884285
FJD 2.263502
FKP 0.748092
GBP 0.752389
GEL 2.755037
GGP 0.748092
GHS 13.350385
GIP 0.748092
GMD 71.499252
GNF 8655.496166
GTQ 7.693661
GYD 209.209328
HKD 7.761885
HNL 25.903383
HRK 6.665505
HTG 130.69969
HUF 357.455025
IDR 16506.7
ILS 3.585195
IMP 0.748092
INR 84.82165
IQD 1310
IRR 42112.497863
ISK 129.569687
JEP 0.748092
JMD 158.694409
JOD 0.709202
JPY 143.761991
KES 129.249505
KGS 87.45037
KHR 4003.290617
KMF 433.506916
KPW 899.977045
KRW 1398.250448
KWD 0.30678
KYD 0.8333
KZT 514.510701
LAK 21624.808084
LBP 89598.835086
LKR 299.390713
LRD 199.99736
LSL 18.289183
LTL 2.95274
LVL 0.60489
LYD 5.459024
MAD 9.216381
MDL 17.094491
MGA 4445.00008
MKD 54.455336
MMK 2099.476264
MNT 3576.208671
MOP 7.993577
MRU 39.616417
MUR 45.439713
MVR 15.410292
MWK 1733.996736
MXN 19.589008
MYR 4.239015
MZN 63.926049
NAD 18.29039
NGN 1607.590433
NIO 36.793309
NOK 10.36751
NPR 135.53703
NZD 1.682694
OMR 0.38502
PAB 1.000031
PEN 3.6544
PGK 4.030085
PHP 55.550333
PKR 281.368849
PLN 3.779743
PYG 7991.90604
QAR 3.645449
RON 4.528699
RSD 103.134417
RUB 80.612283
RWF 1436.521448
SAR 3.750791
SBD 8.350849
SCR 14.213391
SDG 600.496896
SEK 9.66131
SGD 1.293801
SHP 0.785843
SLE 22.730038
SLL 20969.483762
SOS 571.45371
SRD 36.818956
STD 20697.981008
SVC 8.749395
SYP 13001.645496
SZL 18.27948
THB 32.89805
TJS 10.374858
TMT 3.51
TND 2.981502
TOP 2.342101
TRY 38.63292
TTD 6.786178
TWD 30.405701
TZS 2690.99981
UAH 41.438877
UGX 3658.997933
UYU 41.868649
UZS 12924.999848
VES 91.098215
VND 25962.5
VUV 120.667614
WST 2.663993
XAF 577.139891
XAG 0.030816
XAU 0.000297
XCD 2.702549
XDR 0.718649
XOF 576.000314
XPF 104.929283
YER 244.50406
ZAR 18.260345
ZMK 9001.200902
ZMW 26.724384
ZWL 321.999592
  • RBGPF

    2.8600

    65.86

    +4.34%

  • CMSD

    0.1000

    22.41

    +0.45%

  • SCS

    0.0400

    9.91

    +0.4%

  • BCE

    -0.3400

    21.25

    -1.6%

  • BCC

    -0.3800

    87.1

    -0.44%

  • CMSC

    0.1000

    22.16

    +0.45%

  • NGG

    0.2700

    72.57

    +0.37%

  • RIO

    0.2200

    60.02

    +0.37%

  • GSK

    -0.3300

    37.17

    -0.89%

  • RELX

    -0.0600

    54.87

    -0.11%

  • JRI

    -0.0240

    13.026

    -0.18%

  • AZN

    -0.1900

    70.07

    -0.27%

  • RYCEF

    -0.2200

    10.17

    -2.16%

  • VOD

    -0.2700

    9.4

    -2.87%

  • BP

    -0.2700

    28.13

    -0.96%

  • BTI

    -0.1100

    44.45

    -0.25%

Jolted by Trump, EU woos new partners from Asia to Latin America
Jolted by Trump, EU woos new partners from Asia to Latin America / Photo: © AFP

Jolted by Trump, EU woos new partners from Asia to Latin America

Shaken by Donald Trump's tariff blitz, the EU has embarked on a charm offensive to diversify its alliances in Asia and beyond, with summits lined up back-to-back and trade talks launched in all directions.

Text size:

When the US president unleashed his crippling "Liberation Day" tariffs on April 2, EU chief Ursula von der Leyen gave her first reaction, not in Brussels, but from Uzbekistan where she was in talks to bolster trade ties with Central Asia.

Although Trump has since rowed back with a 90-day pause, the European Union still faces tariffs of 10 percent on a vast majority of goods and higher on steel, aluminium and cars -- with an uphill challenge to negotiate a way out of the standoff.

Faced with Trump's disruptive protectionism, Brussels is pulling out the stops to salvage its 1.6 trillion euro ($1.8 trillion) relationship with Europe's main trade partner the United States.

But it is also trumpeting its mission to cultivate trade ties elsewhere.

"Europe continues to focus on diversifying its trade partnerships, engaging with countries that account for 87 percent of global trade and share our commitment to a free and open exchange of goods, services, and ideas," von der Leyen said on Thursday.

The following day China openly urged Europe to join forces -- as Beijing wages a trade war with the United States with tit-for-tat levies -- but while there are opportunities in the relationship, the path is also fraught with peril.

And the EU's diversification efforts may hit roadblocks including the fact that the United States has a market power and demand unparalleled worldwide, experts say, which makes it hard to replace -- especially in the short term.

"Rerouting trade routes and flows will take time. It does not happen overnight," said Varg Folkman, of the European Policy Centre (EPC).

- Trading places -

The EU's trade relations diary has been packed full since January.

The bloc made a show of agreeing to strengthen trade ties with Mexico days before Trump was sworn in, and reopened commerce negotiations with Malaysia on his inauguration day.

Then in February and March, the EU's top officials met leaders of India and South Africa for talks on topics including trade, while actively pursuing closer Canada ties.

This week alone, the EU agreed to launch talks for a free trade deal with the United Arab Emirates and confirmed a high-level summit in China in July, hot on the heels of a meeting in Japan.

And top EU officials will meet with Latin American and Caribbean states in November, with trade high on the agenda.

But before the EU starts striking new trade deals, the European Commission has previous agreements to get past member states including the Mercosur accord clinched in December.

Previous staunch critic Austria ditched its opposition to the agreement with the South American bloc after Trump's tariffs assault, but France says its position has not changed.

Senior officials believe they can sway Paris -- which fears a flow of lower-cost agricultural goods outcompeting Europe's farmers.

But unless they do, it risks taking the wind out of von der Leyen's sails -- since commission trade deals need sign-off by both member states and the European Parliament.

- Fragile China ties -

The EU is trying to balance complex goals: developing open, free trade while also boosting the continent's competitiveness and manufacturing.

There's also the issue of size.

"The EU... will not find a market with the depth of demand and buying power that the US supplies," EPC's Folkman cautioned.

Nonetheless, von der Leyen's efforts are echoed by EU leaders including Spain.

Prime Minister Pedro Sanchez, leading his own bid to woo Asia, said in Vietnam this week Madrid was "firmly committed" to opening Spain and Europe up to southeast Asia.

One key relationship brings its share of pitfalls for the EU: China.

Trump's onslaught threatens to cause a related headache with officials fearing a flood of Chinese goods to Europe -- where levies are lower than the United States -- at a moment when Europe already had concerns about cheap products and Beijing's subsidies.

But there are signs of the potential for ties to improve, against the backdrop of a Beijing-Washington showdown.

An EU spokesman on Friday said the two sides had been discussing an alternative to the EU's extra tariffs on electric vehicles made in China imposed last year after it found Beijing's state aid to auto manufacturers was unfair.

J.Barnes--TFWP