German Economy Minister Warns US About Trade Wars

German Economy Minister Peter Altmaier said on Wednesday it would be negligent to end up in a trade conflict with the United States, which has imposed tariffs on imports of steel and aluminum from some countries.



Speaking just days before Chancellor Angela Merkel travels to Washington to hold talks with U.S. President Donald Trump on the issue, Altmaier said: “I remain convinced that it would be careless to stumble into a trade conflict so I think a consensual solution should take precedence over a confrontational one.”

Trump has given the EU until May 1 to negotiate permanent exemptions from the tariffs.

Asked whether updated German government growth forecasts included the scenario of a so-called ‘hard Brexit’, Altmaier said:

“We don’t know whether there will be a hard Brexit. We are all interested in avoiding it and the EU Commission is negotiating with Britain in this spirit. Even if these negotiations were not to lead to the desired outcome, there would unlikely be an impact on economic growth this year. So we are safe with the forecast for this year.”

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