International Taxes

Germany: Trump is ‘destroying economic growth’ with trade war

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Germany’s top economic official is criticizing President Trump over U.S. trade policies, saying that the escalating tariff dispute is “destroying” economic progress in his country.

“This trade war is slowing down and destroying economic growth – and it creates new uncertainties,” Economy Minister Peter Altmaier told Germany’s Bild am Sonntag newspaper, according to Reuters.

Trump frustrated multiple U.S. allies earlier this year when he imposed steep tariffs on steel and aluminum imports. The European Union, Canada and others have responded with retaliatory tariffs on some U.S. goods, sparking a months-long trade battle and causing foreign leaders to butt heads with Trump.

{mosads}Trump reportedly wanted to ban all German car imports.


The president also threatened to impose a tariff on all European cars, but paused the plan after reaching an interim agreement with European Commission President Jean-Claude Juncker to “work together toward zero tariffs.”

Altmaier praised the deal, telling Bild that hundreds of thousands of jobs have been saved, but said that there was still more work to do.

“The agreement between the EU and U.S. can only be a first step,” he said. “Our goal is a global trade order with lower tariffs, less protectionism and open markets.”

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