German EconMin: Trade disputes are constraining growth

Politics 10/11/2018, 12:26 PM
German EconMin: Trade disputes are constraining growth

German Economy Minister Peter Altmaier (pictured) stated on Thursday that the international trade disputes and global protectionist tendencies are clouding the country's economic growth outlook. The minister specifically stressed the tariffs and other trade barriers imposed between the United States and the European Union as a major negative impact, while also noting the effect of the US-China trade for the EU economic expansion.

"Both the European Union and the administration in Washington should slash import tariffs and lower barriers for commerce," the minister noted, and called for the swift implementation of "zero tariffs" trade agreements reached between US President Donald Trump and European Commission President Jean-Claude Juncker last July.

Commenting on the latest 2019 forecast of the German GDP growth, which was cut to 1.8% from 2.1%, Altmaier said that the economic expansion is being constrained by the lack of employees, which is most evident in the construction sector.

Breaking the News / FH