French Minister Blames US Protectionism for TTIP Failure

U.S. protectionism is being blamed by French and German government ministers for important free trade talks between the U.S. and the European Union teetering on the brink of collapse.

“Those who are protectionist are Americans, Europe is very open,” Matthias Fekl, France’s Minister of State for Foreign Trade, Tourism and French Nationals Abroad, told CNBC on Monday.

France is prepared to walk away from the negotiations for the high-profile Transatlantic Trade and Investment Partnership (TTIP) if no progress is made, he added.

Fekl’s comments come after Sigmar Gabriel, Germany’s Vice-Chancellor, said over the weekend that TTIP has failed, but “nobody is really admitting it”. Gabriel is likely to be campaigning against pro-TTIP Chancellor Angela Merkel next year.

Later on Monday, a spokesperson for the European Commission insisted the “ball is still rolling” on the deal.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza