As stated by Bruno Le Maire, the French Finance and Economy Minister, Europe, and Eurozone, among other parts of the world, will suffer great adverse effects provided that the United States, China, trade tensions continue worsening.
Bruno Le Marie added how, already, the trade war between the two greatest economies, which began only the previous year, has extended beyond the involved countries.
Le Marie stated when in conversation with CNBC at the G-20 Finance Ministers Meeting that took place in Fukuoka, how, owing to the ongoing trade war, Europe is displaying a poorer performance than it would otherwise.
Le Marie referred to the German and French economies as instances of countries which were particularly caught up, indirectly, in the trade war.
He stated how the reason they have failed to generate their predicted growth statistics is the trade war between China and the U.S.
The French Finance and Economy Minister are far from being the only European official worried regarding the trade war.
Moscovicis explains that they too are worried considering the trade skirmishes between China and the United States as Europe itself is considered to be among the most open economies around the globe. He further stated, that this is the reason they are involved in the problem, and stressed over their values regarding free economy and trade.
He highlighted how trade tensions are considered to be the most horrible thread to the global economy.
American official, US Treasury Secretary Steven Mnuchin suggested that trade war should be avoided, when in talks with Bruno Le Maire. However, that decision rests upon the outcomes of the most awaited talk between the Chinese President Xi Jinping and the United States President Donald Trump, which is to take place by the end of this month.