Cecilia Malmström, the European Commissioner for Trade, has today told leading EU construction industry boss Marc Pigeon, President of the European Union of House Builders and Developers (UEPC), that the EU strongly backs UEPC’s call to stop the trade dispute between the United States and EU getting out of control in order to prevent long-term damage to the European Union’s construction sector.
EU Commissioner Malmström told Pigeon: “I fully agree with you that collaboration between the United States and the European Union is essential for the stability of trade flows and the multilateral trading system … it is clear that an escalation of trade tensions … would have a significant impact on the global trading system and the world economy.”
Marc Pigeon said: “UEPC applauds Commissioner Malmström for stressing the role that EU developers and house builders have to play in supporting the European economy and resolving the affordability crisis in the EU housing market. UEPC and its members will continue to lead the way in finding innovative solutions to support prospective homeowners, through working closely with the EU Institutions”.
The EU construction sector relies on, and greatly benefits from, free and fair trade. The sector, which is still recovering from the 2008 financial crisis, would be exposed to significant additional costs caused by rising housebuilding supply chain costs in the event of a full-scale EU-US trade war. This would negatively impact on levels of affordability and leave many EU citizens currently looking for a home unable to afford one.