German Finance Minister Wolfgang Schaeble said Washington must abide by the international agreements under the presidency of Donald Trump and he does not expect a major trade war despite the President-elect’s attack on German car makers.
Trump made an attack previously this week for lack of production in the United States and threatened a 35 percent tax on vehicle imports.
There are 600,000 people in German employed by U.S. companies; German firms employ nearly the same number in the U.S.
Schaeuble said he wished Trump luck if he wanted to tell Americans which cars to buy, he said it is not his vision of America and that he does not think its Trump’s vision also.
Moreover, he advised not taking Trump’s habit of tweeting policy changes too seriously.
“One shouldn’t confuse Trump’s form of communication with statements of government policy. We will not participate in that,” he said.
Attacks on Trump’s Protectionism Policy
“Protectionism will not secure jobs in the medium- to long-term,” Dennis Snower, president of the Institute of World Economy, said in a statement.
Marcel Fratzscher, head of the DIW economic institute, said Trump’s protectionism would not bring any jobs back to the U.S. but might drive jobs out of the U.S.
The American Chamber of Commerce in Germany also urged Trump to stick to free trade agreements, underscoring the importance of U.S.-German trade relations.
“Protectionist measures like tariffs and or the cancellation of international trade agreements have no place in a globalized world,” said the group’s president, Bernhard Mattes.
Trump was also accused of putting the blame of the downfalls in the U.S. today on foreigners.