US-EU tariff tension provokes G7 to target critical minerals

The Group of Seven or G7 trade ministers are likely to gather in Paris on Wednesday evening for a high profile meeting to decide future possibilities on US tariffs.

The agenda of the meeting is to discuss the common ground on securing minerals dominated by China but recent tariffs on Europe built cars by US is jolting the tension high among The Group of Seven.

G7 players are also being tested by comments from U.S. President D. Trump, who said Washington would raise tariffs on EU-made cars to 25% from 15%, arguing that Brussels was not fulfilling with a trade deal that was agreed upon in ‌Turnberry, Scotland, mid last year.

German Economy Minister Katherina Reiche said that she was in intensive talks with U.S. officials over the tariffs, which should be ponder over as well.

Germany’s export-dependent automotive sector has already been under strain from weakening demand in China, slower global growth, and higher input and labour costs.

The trade minsters are also likely to discuss Industrial over capacity mainly caused by Chinese Industry, they also want to reform World Trade Organization (WTO).