Europe says trade fight with US will hurt economic growth

The EU reduced the economic expansion forecast for 2018 from 3% of 5% to 1%.

The European Commissioner for European Commissioner Pierre Moscovici said that this downward revision "reflects the impact of trade tensions and policy uncertainty on trust."

"Further expansion of protectionist measures is clearly a downside risk," he warned. "Trade war will not create a winner, it will only cause casualties."

The United States and the European Union have established the world's largest trade relations and are worth more than $ 1.1 trillion annually. However, the outlook for the global trade war hurt business confidence.

President Donald Trump imposed tariffs on imported steel and aluminum billions of dollars. This caused retaliation by the EU and other major US trading partners including Canada and Mexico.

The next frontier of the trade dispute may be a car. The cards threaten to impose a 20% tariff on US exports to Europe

Moscovic also warned that the rise in oil prices pushed up energy costs and is expected to curb Europe's economic growth.

These have not been successful. The White House currently has four trade wars with the United States' largest trading partners - Canada, Mexico, China, the European Union - but so far there is no new trade agreement. Regarding economic growth, Trump 's own Commerce Department said the annual growth rate of the US for the first quarter of 2018 is 2.2% from 2.9% in the fourth quarter of 2017.

Between economic growth and social instability, the Middle Ages witnessed the stability of the political borders of Europe and the growth of the central government throughout the African continent. Based on the economic strength of the town and trade, European rulers developed a management bureaucracy to manage their field. This is evident from the increasing use of legal documents. However, the power of these new rulers is limited by pressure from competing social groups, political groups such as nobles, citizens, and churches.

The decline of feudalism is the recovery of the economy, which brought many changes to the social and political organization of Europe. Due to the development of trade and industry, the rise of towns and crusades, funds have been used again. As people's dependence on land decreases, the manner system begins to collapse.

In the 13th century, economic growth was seen in many parts of Europe. Land and maritime trade routes connect the Italian Mediterranean port with the German Hanseatic alliance and other European trade networks. During this period, the Italian city state expanded and developed extensively in terms of power, eventually completely completely independent of the Roman Empire. Except for Naples, all other city states succeeded in maintaining independent foreign powers. At this time, the concept of modern life such as new infrastructure, business methods, groundbreaking institutions, banks and trading markets was developed.

In the 13th century, the vast majority of Europe achieved strong economic growth. The trade routes of the Italian countries are connected with the established Mediterranean port and eventually become a trade route between the Hanseatic League of Baltic Sea and the Northern Europe region and the network economy has been established for the first time in Europe since the 4th century It was. During this period, the Italian city state expanded greatly, in fact it grew with completely independent powers from the Holy Roman Empire, apart from the Kingdom of Naples, the external force moved away from Italy. During this period, modern commercial infrastructure including double entry bookkeeping, joint stock company, international banking system, systematic foreign exchange market, insurance and government debt was developed. Florence became the center of this financial industry and Golden Florin became the major currency of international trade.