German minister for more negotiations to resolve trade conflict with US

German minister for more negotiations to resolve trade conflict with US

Published
Hot News Text
2 min read
German minister for more negotiations to resolve trade conflict with US
Berlin, May 1 (IANS) German Economy Minister Peter Altmaier has called for further diplomatic negotiations to resolve the international trade conflict unleashed by the protectionist policies of US President Donald Trump.
Speaking to radio station Deutschlandfunk on Monday, Altmaier acknowledged that Germany currently ran a trade surplus with the US, but said Berlin could not simply promise that exports from its national firms would fall, Xinhua reported.
Instead, the Christian Democratic Union (CDU) politician recommended the European Union (EU) make a "concrete" offer to Washington that includes mutual tariff reductions.
The EU has already prepared a host of retaliatory measures in response to the potential economic threat posed by the US administration's "America First" doctrine. Altmaier said the bloc would now "decide together" whether EU tariffs on US products like bourbon whiskey and Harley-Davidson motorbikes would actually take effect.
Altmaier's comments came shortly after the federal government warned that the EU would most likely become subject to new US tariffs on aluminium and steel from May 1 onwards.
Both German Chancellor Angela Merkel and French President Emmanuel Macron have failed to persuade Trump to extend an exemption currently enjoyed by the bloc during recent visits to Washington.
Peter Beyer, the official transatlantic commissioner of the German government, told Rhein-Neckar-Zeitung newspaper on Monday that even a limited extension of the EU's special status would be a success. Nevertheless, Beyer said he would not place "too much hope" in securing such an outcome.
The minster cautioned EU member states on Monday against being too hasty in their response and thus contributing to an unnecessary escalation of the conflict. Although a complete re-launch of the failed Transatlantic Trade and Investment Partnership (TTIP) is unrealistic after Trump abandoned the pact, Altmaier argued it may still be possible to rescue parts of it.
Similarly, President of the German Federation of Industry (BDI) Joachim lang pleaded for "moderation" on behalf of the European side in the trade conflict. Echoing wider calls among German industry for a "TTIP light" version of the original agreement, lang supported the idea of a mutual tariff reduction as a "good first step".
If the United States allows the EU's current exemption to expire on May 1, EU member states such as Germany will become affected by tariffs of 10 per cent on aluminium and 25 per cent on steel imports.
--IANS
pgh/

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!