German Economy Minister Stresses the Need to Reduce Trading Barriers with US

German Economy Minister Brigitte Zypries has written to U.S. Secretary of Commerce Wilbur Ross stressing that it would be in both countries’ interests to minimize the barriers to trade between them.

U.S. President Donald Trump has championed protectionism with his “America First” campaign but German Chancellor Angela Merkel has said Germany will work to promote free trade during its presidency of the G20 this year.

In a letter dated Feb. 28, Zypries wrote that Germany, the European Union and the United States should step up cooperation in light of major changes in the global economy’s structure.

“We have a shared interest in reducing trade barriers to transatlantic trade and agreeing in a suitable form on the standards that can be disseminated throughout the world economy,” she wrote.

The German government, industry groups and unions have said protectionism is the wrong answer to the challenges facing the world, and that Germany must fight to safeguard free trade, which guarantees wealth and prosperity for all.

via Reuters

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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, Alfonso Esparza 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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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