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GERMANY-TRADE-SANCTIONS-US-EU
Trump trade rows are ‘destroying’ growth, says German minister
FRANKFURT AM MAIN, Aug 13, 2018 (BSS/AFP) – Germany’s economy minister on
Sunday lashed out at US President Donald Trump, slamming his global trade
rows and efforts to “dictate” Europe’s dealings with Iran through renewed US
sanctions.
In an interview with German weekly Bild am Sonntag, Peter Altmaier warned
of the damaging consequences of a full-blown US-China trade war, and
expressed concern about Trump’s decision to slap hefty metals tariffs on
Turkey in an escalating diplomatic row.
“This trade war is slowing down and destroying economic growth, and
creates new uncertainties,” Altmaier said.
“The past has shown that consumers suffer most in trade wars, because
goods become more expensive.”
Trump has already slapped punitive tariffs on Chinese imports worth $34
billion and additional levies on $16 billion in Chinese goods will kick in
later this month, with Beijing vowing to respond in kind.
Trump also announced on Friday that he would double tariffs on steel and
aluminium from Turkey, pushing the lira to historic lows against the dollar.
The brewing trade conflict comes as the two NATO allies remain at
loggerheads over the detention of an American pastor and a host of other
issues.
Altmaier however welcomed a recent easing of transatlantic tensions after
European Commission chief Jean-Claude Juncker and Trump agreed to hold off on
imposing new tit-for-tat tariffs for now.
The deal has “secured hundreds of thousands of jobs in Germany and Europe”
but was only “a first step”, he told Bild.
“At the end of the day we need global trade with lower tariffs, less
protectionism and open markets.”
Turning to the reimposition of US sanctions on Iran after Trump
unilaterally quit the 2015 nuclear pact, Altmaier stressed the importance of
keeping European business deals in Iran alive.
A raft of companies including German carmaker Daimler have already
announced they are pulling out of Iran because of the sanctions, which ban
transactions involving US dollars.
“We will not let Washington dictate our trade relations with other
countries and that’s why we stand by the Vienna nuclear agreement to prevent
Iran from producing atomic weapons,” Altmaier said.
“Both nationally and in Europe, we are looking for ways to keep financial
channels open,” he added.
BSS/AFP/HR/1000