Germany hopes trade barriers will be dismantled under Biden, minister says

FILE PHOTO: German Economy Minister Peter Altmaier and Philipp Steinberg from the Federal Ministry of Economics and Technology (BMWi) hold a joint news conference to present the government’s economic autumn projection, amid the coronavirus disease (COVID-19) outbreak, in Berlin, Germany October 30, 2020. REUTERS/Michele Tantussi/Pool

BERLIN (Reuters) – Germany hopes that trade barriers between the United States and Europe will be dismantled once the new administration under President-elect Joe Biden takes office, German Economy Minister Peter Altmaier said on Monday.

“I hope from the bottom of my heart that the new U.S. administration will help us broker a consensus on the trade relationship between the United States and the EU,” Altmaier said in Berlin.

“And that we can abolish many, many measures with regard to tariffs and trade inspired by protectionism,” he added.

Altmaier said that also applied to Europe’s trade partners in China and other parts of Asia, adding: “We made clear to them that we cannot accept dumping practices and that we insist on fair and open markets.”

On Sunday, 15 Asia-Pacific economies formed the world’s largest free trade bloc, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump.

The new trade alliance will account for 30% of the global economy, 30% of the global population and reach 2.2 billion consumers, Vietnam said.

Source: Read Full Article