Burton Mills - Germany Seeks Greater Trade Cooperation

Burton Mills - Germany calls for increased trade cooperation as Trump's planned tariffs move world economies closer to a trade war.

Last week, Germany’s minister of economy applauded US President Donald Trump’s decision to temporarily exempt member countries of the European Union from harsh U.S. metals import tariffs and expressed a desire for greater international cooperation on trade.

Last week, President Trump announced that the US would not immediately impose metals tariffs on the European Union, the country’s biggest trading partner. Burton Mills economists reported that Argentina, Australia, Canada, Mexico and South Korea would also be exempt from the metals tariffs until May 1 while talks are progressing.

Germany’s minister of economy, Peter Altmaier, stated that he was very pleased to have averted a situation that would have caused great uncertainty for the German steel and aluminum industry and its laborers. He added that Germany is seeking sensible agreements and not unilateral measures.

Burton Mills economists say that Germany is aiming for a more stable international trade climate with more cooperation instead of less.

Last week, Trump took steps towards implementing long-threatened tariffs against China although Burton Mills economists say this move seemed to be more of a warning than the start of a trade war with the world’s second-largest economy.

Altmaier has stated that Germany wants greater international trade cooperation against all countries who go against the regulations of fair world trade and not just against China.

On Friday, China called for the US to pull back on President Trump’s planned tariff on up to $60billion in Chinese products.

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Source: Burton Mills