23:36 GMT +315 August 2018
Listen Live
    US President Donald Trump

    Trump's Trade War 'Destroys Economic Growth' – Berlin

    © Sputnik / Sergey Guneev
    World
    Get short URL
    442

    In light of tariffs imposed by the US government on imports from China and Turkey, German Economy Minister Peter Altmaier has warned of the dramatic consequences of Washington's policy for the global economy.

    "This trade war is slowing down and destroying economic growth and produces new uncertainties," Altmaier told the German Bild am Sonntag newspaper.

    The minister stressed that consumers are those whom trade wars usually affect the most, as products become increasingly expensive.

    "The agreement between the EU and the US can only be a first step, and in the end we need world trade with lower tariffs, less protectionism and open markets," he pointed out, referring to an agreement between EU Commission President Jean-Claude Juncker and US President Donald Trump to negotiate tariff reductions and work towards zero tariffs.

    READ MORE: US to Have a United Front With EU Against China on Trade — Trump's Adviser

    Speaking further on the trade deal, Altmaier noted that the US-EU agreement had secured hundreds of thousands of jobs in Germany and Europe, warning that there were no winners in trade wars.

    "We hit the curve just a few meters from the edge. There are no winners in a global trade war, only losers. Politicians have no right to jeopardize the jobs of steel smelters, car makers and aluminum smelters," he said.

    On Wednesday, Trump and Juncker reached several agreements with the aim to prevent the nascent trade dispute between Washington and Brussels. The two parties, in particular, agreed to work toward the elimination of all customs tariffs and non-tariff barriers in trade and to strengthen strategic energy cooperation, which envisages an increase in the supply of US liquefied natural gas to Europe. Trump and Juncker also agreed to work to reform the World Trade Organization.

    EU-US trade relations have been tense since Trump’s decision to impose tariffs on steel and aluminum imports. The European Union had initially sought to be exempted from the trade restrictions, but, when Washington refused to do so, introduced its own duties on US goods.

    Related:

    Turkey Ready to Conduct Trade With Partners in National Currencies – Erdogan
    Operation Dollar Dump: Can Turkey Rely on the Lira in International Trade?
    Iran Will Safeguard Trade in Territorial Waters Amid US Sanctions – Admiral
    Tags:
    war, trade, Donald Trump, Germany, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment