Merkel warns Trump against protectionism
German chancellor calls for cooperation, for common rules and for regulation of financial markets
German Chancello Angela Merkel yesterday warned against the protectionist tendencies of US President-elect Donald Trump, citing lessons learnt in the 2008 global financial crash and stressing the need to “move forward together”.
“My profound conviction is that there are more advantages... to moving forward together than when everyone resolves their problems for themselves. I am truly convinced of this,” she told a press conference at a meeting of her CDU party.
Asked if she believed “protectionist tendencies” by Trump could pose a threat, Merkel recalled the example of the 2008 global financial crisis, which “came from the United States”.
“As heads of state and government [of the G20], we said: ‘We must resolve the problem facing us together.’ And the response to overcome that financial crisis was not a response based on closing oneself off, but a response which called for cooperation, for common rules, for regulation of financial markets.
“I think this way worked, and naturally we are going to seek dialogue with the new American president,” who will be inaugurated on January 20. German Chancellor Angela Merkel’s government plans to fine social media networks such as Facebook and Twitter if they fail to combat hate speech, as German officials accuse media companies of being too slow to take action. Volker Kauder, chairman of Merkel’s Christian Democratic Union parliamentary caucus, yesterday said that he reached a preliminary agreement with Social Democratic Justice Minister Heiko Maas that would require companies to respond to speech complaints within 24 hours. Otherwise they’ll have to pay.
On the campaign trail Trump notably threatened to take protectionist measures against Chinese and Mexican imports, and claimed a first success with a decision by US motor giant Ford not to build a new plant in Mexico.
Trump’s attitude has fuelled concern in Germany.
On Thursday Foreign Minister Frank-Walter Steinmeier said he was “perplexed” by Trump comparing the leak of a dossier of unsubstantiated allegations against him to something that could have happened in Nazi Germany. During the US campaign, Steinmeier was even more damning, saying the prospect of a Trump presidency was “frightening” for the world. He compared Trump to a “hate preacher”.