Why U.S. will be at odds with Europe on the global currency wars

NEW YORK (AP) European leaders have vowed to retaliate against the United States if the White House imposes new tariffs on imports of Chinese goods.

European leaders have pledged to retaliate if the Trump administration imposes new taxes on Chinese imports of goods.

German Chancellor Angela Merkel, who has said she opposes any retaliatory tariffs, said Wednesday that the European Union will raise tariffs on Chinese goods with a view to making the U.K. pay more.

China and the European Commission have been negotiating a deal to reduce the tariffs on imported Chinese goods that is expected to be finalized by the end of the year.

The agreement could also benefit American companies, whose exports to China are heavily dependent on exports of Chinese-made products.

Trump is expected next week to announce that the U,S.

and Chinese governments have reached a trade agreement that would allow the U., U.N. and European Union to phase out tariffs on the sale of steel and other goods.

Trump has said he would use the agreement to create jobs.

The European Union and China are the largest trade partners of the U.-S.

A study released last month by the International Monetary Fund estimated that tariffs on U.s. imports from China could hit $3.4 trillion over the next 10 years, or more than half of the trade deficit between the two countries.

European Union foreign policy chief Johannes Hahn said Wednesday the countries will seek to reduce barriers to trade as a “stakeholder” and said that the trade deal should not have been reached with China.

The EU has been trying to persuade China to reduce its trade surplus with the United Kingdom and the United Nations, which are both part of the EU.

The Trump administration has repeatedly accused the European and Chinese leaders of seeking to use the trade agreement to boost their own economies and said the two sides need to do more to help one another.

China is a member of the WTO, the World Trade Organization.

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