Finnish minister urges zero U.S.-EU tariffs

Historical allies the U.S. and European Union should have zero tariffs between them, Finnish Foreign Minister Elina Valtonen urged amid the bloc’s ongoing efforts to mitigate the impact of 20% White House duties it was slapped with last week.

“Engaging in a global trade war is the surest way to achieve a global recession,” Valtonen she said during a press conference, in comments reported by Reuters. “But of course the European Union now has to react to what the U.S. has put forward,

The EU has previously expressed willingness to take steps against Washington if negotiations fail, but it has yet to specify the nature and extent of these potential countermeasures.

Cambodia's industry fight to survive

Cambodia is being hit with the biggest single nation tariff rate of all, at 49%.

This has major implications for its factories, now in a fight to survive the next few months if the tariffs are implemented, as retail partners freeze orders.

Its one million workers, many of whom are women at the low-end of the global income distribution pie, are facing financial ruin.

But a U.S. trade group that represents retailers reliant on Cambodia says factories now based in Cambodia will “absolutely not” be coming back to the U.S.

Instead, they will seek out alternative manufacturing locations in lower tariff regimes.