German economy minister slams Trump鈥檚 tariffs move
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German Economy Minister Peter Altmaier has sharply criticized US President Donald Trump鈥檚 tariffs and sanctions policies, saying such measures were destroying jobs and growth and that Europe would not bow to US pressure regarding Iran.
The US has triggered a bitter tit-for-tat trade dispute with import tariffs meant to protect American jobs.
Trump鈥檚 determination to push ahead with sanctions on Tehran which also target European companies doing business with Iran has opened another battle front.
鈥淭his trade war is slowing down and destroying economic growth 鈥 and it creates new uncertainties,鈥 Altmaier told Bild am Sonntag newspaper, adding that consumers suffered the most because higher tariffs were driving up prices.
The United States and the European Union are embroiled in a spat after Trump imposed tariffs on aluminum and steel imports and Brussels responded with retaliatory tariffs on some US goods.
Trump had also threatened to impose tariffs on EU auto imports but reached an agreement to hold off on taking action after meeting with Jean-Claude Juncker, president of the European Commission, at the White House last month.
鈥淭he agreement between the EU and US can only be a first step. Our goal is a global trade order with lower tariffs, less protectionism and open markets,鈥 Altmaier said.
Turning to the US sanctions against Iran, the minister said Germany and its EU allies would continue to support companies doing business with Iran despite US pressure.
鈥淲e won鈥檛 let Washington dictate us with whom we can do business and we therefore stick to the Vienna Nuclear Agreement so that Iran cannot build atomic weapons,鈥 Altmaier said.
German companies should be allowed to continue to invest in Iran as much as they want and the German government is looking for ways together with its European allies to ensure that financial transactions could still take place, he added.
Several European companies have suspended plans to invest in Iran in light of the US sanctions, including oil major Total as well as carmakers PSA, Renault and Daimler.
German business associations have warned that companies are increasingly suffering from Trump鈥檚 sanctions policies 鈥 including those against Iran 鈥 as well as the tariffs he is imposing in the escalating trade conflict with China.
The trade and sanctions disputes are clouding the growth outlook for Germany, Europe鈥檚 largest economy, but Altmaier said he still expected strong growth this year amid vibrant domestic demand, record-high employment and rising wages.
The Federal Statistics Office will publish preliminary gross domestic product figures for the second quarter tomorrow, with analysts expecting the quarterly growth rate to pick up to 0.4 percent after 0.3 percent in the first quarter.
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