Danish Business describes President Trump's decision to lower tariffs on Chinese goods as a positive development that extends far beyond the US and China. According to the business organization, the scaled-down trade conflict can create more stability in the global economy, also to the benefit of Danish export companies.
- It is also very positive for Europe and Denmark that the world's two largest economies yesterday managed to avert a threatening escalation in their trade relations. Not everything was certainly resolved with last night's meeting between the two presidents, but it is extremely important that they were able to send a clear signal to the outside world about more stability and less confrontation in the global economy, says Head of Global Market Development at Danish Business, Michael Bremerskov Jensen. He continues:
- It is also good news for Danish companies, which could easily be caught in the crossfire of increased uncertainty and worsening sales conditions if the meeting had had a different, more negative outcome.
According to Trump, the United States will reduce tariffs on Chinese goods by 10 percent, bringing the total to 47 percent. The countries have also agreed to a one-year, renewable rare earths agreement. Rare earths are used in the production of a wide range of electronic products, and China is a major exporter.
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