Germany more optimistic trade war can be avoided
BERLIN: German Economy Minister Peter Altmaier said he’s more optimistic that a trade war can be avoided after speaking to US officials in Washington.
Altmaier said his talks with Commerce Secretary Wilbur Ross in the US capital took place in a “very good and constructive atmosphere,” with both sides seeing an opportunity to find a solution that avoids a serious trade conflict between the world’s biggest economy and its trading partners.
“It’s not certain. But I see a chance that both sides can achieve with goodwill that there will be a positive signal by the end of the week,” Altmaier said. “I’m a few percent more optimistic this afternoon than I was this morning.”
Altmaier’s efforts in Washington and those by Finance Minister Olaf Scholz at a meeting of Group of 20 finance chiefs in Buenos Aires are part of Chancellor Angela Merkel’s push to thwart a trade war with the US.
Scholz told reporters in the Argentine capital he had exchanged views with US Treasury Secretary Steven Mnuchin and sought to find out what the motivations for US threats on trade tariffs are.
French Finance Minister Bruno Le Maire echoed Germany’s comments, signalling that he expects the US to make a decision on exempting the EU from tariffs by the end of the week.
Altmaier and Scholz have been holding the first high-level talks between the US and Germany since President Donald Trump announced plans to levy tariffs on steel and aluminum earlier this month, sparking threats of retaliation by the EU.
Germany’s export strength has been a frequent target of Trump’s ire over US trade imbalances.
“We’re in discussions and this is the basis for hoping that in the end these talks will also lead to us securing the foundations of world trade and the open exchange of goods and services also in the future,” Scholz said shortly before his return to Germany. “I’m glad there are talks.”