Germany's trade surplus with the United States narrowed slightly last year,...
BERLIN - Germany’s trade surplus with the United States narrowed slightly last year, data showed on Wednesday, but that is unlikely to assuage U.S. President Donald Trump who has stepped up his attacks on the European Union over trade.
Trump, long critical of Germany’s big surpluses, signaled on Monday that he wanted to restructure the more than $1 trillion U.S. trade relationship with the EU, raising the specter of another major tariff war as the global economy slows and he seeks re-election. “Even if the U.S. deficit with Germany has fallen a little bit, U.S. data suggest that the deficit with the euro zone has gone up quite substantially,” Felbermayr said, adding that Germany still accounts for more than 40% of that imbalance.
Trump has said the EU is “worse than China” on trade and has repeatedly threatened to impose higher import tariffs on European cars, which would hit Germany especially hard. Germany narrowly avoided slipping into recession last year. Demand for German goods in the United States has also benefited from the robust state of the U.S. economy, buoyed by massive deficit spending and tax cuts, he added.
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