Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
ROME, July 4 (Xinhua) — The administration of U.S. President Donald Trump has “shaken” the world order in three key areas: tariffs, international taxation and the financial dimension linked to the U.S. dollar, Italian Economy and Finance Minister Giancarlo Giorgetti said on Thursday.
“The first is tariffs, the second is international taxation. The third is the financial dimension and the relative strength of the US dollar, which is a form of implicit tariff,” he said. “We need to pay attention to these three aspects,” the official added.
The minister stressed that a weak dollar effectively acts as an implicit tariff, making American goods cheaper and imported goods more expensive and disrupting international trade flows.
Giorgetti’s comments come amid ongoing trade tensions between the United States and the European Union that have arisen since D. Trump’s return to the White House at the beginning of the year.
Market data reflect the minister’s concerns. The euro was trading at around $1.175 apiece at the end of the day on Thursday, down about 14 percent since the start of the year.
Against a broader basket of currencies, the US dollar has fallen 10.8 per cent this year, the worst first six months since 1973 and the worst half-year since the second half of 1991, the Guardian newspaper reports.
According to Italy’s National Institute of Statistics, the country’s imports from the United States rose 18.5 percent year-on-year in May, while Italian exports to the United States increased by just 2.5 percent. –0–