HANDELSBLATT EXCLUSIVE

German Business Groups Seek to Lessen Trade Tensions Ahead of Merkel Visit

Containerumschlag im Hamburger Hafen
Picture Source: DPA

Germany’s main business groups are trying to defuse the trans-Atlantic dispute over Germany’s trade surplus ahead of Chancellor Angela Merkel’s meeting with U.S. President Donald Trump on Tuesday.

The DIHK German Chambers of Commerce and the BDI Federation of German Industries will present a report on Monday that lays out Germany’s contributions to the U.S. economy.

The report, obtained in advance by Handelsblatt, says that German companies employ 672,000 people and have invested more than $255 billion in the United States.

“German businesses are a strong partner for the United States,” said Daniel Andrich, head of the BDI and DIHK offices in the U.S. capital Washington.

Mr. Andrich said that German companies could help the Trump administration accomplish its goal of strengthening manufacturing in the United States.

“The German production model offers an attractive example,” Mr. Andrich said.

Mr. Trump’s trade advisor, Peter Navarro, has accused Germany of exploiting a “grossly undervalued euro” to take advantage of the United States, an accusation that German officials have roundly rejected.

Mr. Navarro, who has characterized the U.S. trade deficit as a threat to national security, has called for Germany and the United States to hold bilateral talks on trade outside of the European Union. The United States has a $65 billion trade deficit with Germany.

 

Read the full story Monday.

Want to keep reading?

Register today, and get free trial access to distinguished coverage of Europe’s leading economy, from its No. 1 name in financial news: Handelsblatt.