Europe will be the big loser in US trade war with China, economist warns

The chief economist for the Edmond de Rothschild asset management firm claimed that Europe is set to be a big loser in the trade war between the United States and China. Speaking at the MEDEF Summer University in Paris on Tuesday, Mathilde Lemoine told CNBC’s Joumanna Bercetche that she thought the euro zone would be “the big loser” in the trade war between the U.S. and China. Lemoine said President Donald Trump wanted to develop services exportation to China but Europe was far too fragmented to take advantage. “The euro zone, and France especially, are not organized to export their service sector and especially finance, because there is no single market for services in Europe and therefore it is difficult for Europeans to define a single policy for negotiating with China and the U.S.,” said Lemoine. “I think that the euro zone could be the big loser of the trade war and don’t forget that the U.S. wants to keep their global leadership,” she added. Read more here.