In the midst of the continuing trade war between the US and EU which has been adding pressure on the Euro, where the US are threatening to impose tariffs of 25% on European cars and car parts, it would seem that European leaders are beginning to take a similar route in trying to make inroads against current trade agreements with China.
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European Leaders yesterday put forward their requests to Chinese President Xi Jinping for a fairer trade relationship with China at a press conference in Paris. French President Emmanuel Macron invited German Chancellor Angela Merkel and EU Commission President Jean Claude Juncker yesterday to talk with Jinping regarding the potential of acquiring a greater access into the Chinese market. Juncker confirmed calls for a reciprocal trade agreement so that “European businesses could have the same degree of access to the Chinese market as Chinese businesses have in Europe.”
Juncker is expected to hold an EU-China summit in Brussels to discuss this in greater detail next month, so it will be interesting to see how these negotiations pan out over the next few weeks. If progress is made towards gaining more access to Chinese markets, this could be viewed as a positive step for the European economy and could help the Euro to strengthen.
The European Parliament met with EU member states yesterday to call for an end to the programmes such as the ‘Golden Visa’ scheme. These schemes provide property purchasers with a passport or permanent residency in that country in return for investing in a property purchase. An end to these schemes is an attempt to clamp down on money laundering and organised crime operations within the bloc. European lawmakers are urging for schemes such as this to be phased out as soon as possible, however this remains non-binding.
If you are considering purchasing a property abroad through a Golden Visa scheme, you may wish to do so sooner rather than later, in case this option becomes unavailable to you in the future. This could also have implications to the value of the euro, as the Investment Migration Council warned that “ending these programmes would threaten vital investments into peripheral economies."
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