Germany’s Merkel Hits Out at ‘Protectionist Tendencies’ in Trade
(Bloomberg) -- Chancellor Angela Merkel said Germany needs to stand up for multilateral agreements and strengthening the World Trade Organization in the face of recent “protectionist tendencies.”
“The development potential and growth rates in Asia create new competition,” Merkel said during her weekly podcast posted on Saturday. “That's why there's a special need to have fair and really balanced, non-protectionist trade.”
Merkel will be visiting the port of Hamburg next week and made the maritime economy the subject of her message. She said that the German economy, and the maritime industry in particular, needed open trade in order to develop.
Merkel's comments come as the European Union prepares for negotiations with the U.S. on removing industrial tariffs amid increased transatlantic tensions. President Donald Trump has threatened to impose tariffs on foreign car imports, which would have an outsized impact on Germany.
To contact the reporter on this story: Mariajose Vera in Munich at mvera1@bloomberg.net
To contact the editors responsible for this story: Edith Moy at echan10@bloomberg.net, Richard Bravo, James Amott
©2019 Bloomberg L.P.
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