Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
  • Home
  • Islamabad
  • Karachi
  • Lahore
  • National
  • Transfers and Postings
  • Chambers & Associations
  • Business
No Result
View All Result
Customs Today
No Result
View All Result
Home International Customs Germany

Germany veers towards Asia

byCT Report
23/01/2017
in Germany
Share on FacebookShare on Twitter

BERLIN: Germany will need a new economic strategy geared toward Asia should the new US administration start a trade war with China, Vice Chancellor Sigmar Gabriel said on Friday, warning against protectionism hours after President Donald Trump was sworn in.

“I think we have to prepare for a rough ride,” Mr. Gabriel said in an interview with the public broadcaster ZDF, in the first official German reaction to Mr. Trump’s inauguration. He added that Mr. Trump’s election was the result of “a bad radicalization.”

You might also like

Germany Raises 2020 Growth Forecast Slightly to 1.1%

03/02/2020

A top German carrier picks Huawei to help build its 5G network in potential snub to the US

21/01/2020

The leader of the left-leaning Social Democrats (SPD), coalition partners of Chancellor Angela Merkel’s ruling conservatives, dismissed suggestions that Mr. Trump may not pursue some controversial promises, such as imposing high tariffs on cars imported from Mexico.

“He means it extremely seriously,” said Mr. Gabriel. “What we heard today were high nationalistic tones.”

He added that all that was missing from Mr. Trump’s speech was comparing parliament to a “Quasselbude” or “talking shop,” a term used by Hitler before he took power to discredit the parliamentary democracy of the Weimar Republic in the 1920s.

Mr. Gabriel said the European Union and Germany must stand together “to defend our interests” and to prevent such nationalistic fervor from gripping the continent. Germany will hold a general election in September in which the anti-immigration Alternative for Germany (AfD) party is expected to enter the national parliament for the first time.

Mr. Trump has criticized Ms. Merkel’s decision in 2015 to throw open Germany’s borders to asylum seekers fleeing wars and conflicts in the Middle East and elsewhere and has said he believes other countries will leave the EU after Britain.

Ms. Merkel, who had a close relationship with former US President Barack Obama, responded to his comments in a newspaper interview earlier this month by saying that Europe’s destiny was in its own hands. German government sources told Reuters this week that Ms. Merkel was working to set a date this spring for a meeting with Mr. Trump.

The United States is Germany’s biggest trading partner and Mr. Trump has warned that his administration will impose a border tax of 35 percent on cars that German carmaker BMW plans to build at a new plant in Mexico and export to the US.

There are fears that a protectionist trade policy by Mr. Trump could harm the global economy. A trade war with China would be particularly harmful for Germany, a leading exporting nation that gets nearly half its gross domestic product from exports.

“Should the United States start a trade war with China and all of Asia then we as Europeans and Germans are fair partners,” Mr. Gabriel said. “Europe and Germany need a strategy geared toward Asia and China and we have new opportunities.”

Related Stories

Germany Raises 2020 Growth Forecast Slightly to 1.1%

byadmin
03/02/2020

BERLIN: THE German government modestly raised its economic growth forecast for the country this year to 1.1%. Germany's economy, Europe's...

A top German carrier picks Huawei to help build its 5G network in potential snub to the US

byadmin
21/01/2020

Telefonica Deutschland, one of Germany’s top mobile carriers, has picked Huawei and Nokia to build out its 5G network. 5G...

Gold price surges amid geopolitical uncertainty

byadmin
13/01/2020

These are golden days for gold, the precious metal whose very name is a synonym for something special and successful....

India may overtake Germany to become fourth-largest economy in 2026: Report

byadmin
30/12/2019

India is expected to overtake Germany to become fourth-largest economy in 2026 and Japan to become third largest in 2034,...

Next Post

Indonesian tax department declares amnesty

  • Terms and Conditions
  • Disclaimer

© 2011 Customs Today -World's first newspaper on customs. Customs Today.

No Result
View All Result
  • Transfers and Postings
  • Latest News
  • Karachi
  • Islamabad
  • Lahore
  • National
  • Chambers & Associations
  • Business
  • About Us

© 2011 Customs Today -World's first newspaper on customs. Customs Today.