Federation of German Industries (BDI) - Garner Ted Armstrong Evangelistic Association

Germany vows retaliation for US trade war on EU

Press TV — Fri, 08 Mar 2019 02:31:17 +0000

German Economy Minister Peter Altmaier addresses the audience during a conference organized by the Federation of German Industries (BDI) on September 25, 2018 in Berlin. (Photo by AFP)

Germany has warned the United States that it will take retaliatory measures against the administration of US President Donald Trump if it decides to escalate his trade standoff with the European Union.

German Economy Minister Peter Altmaier said Thursday that the EU didn’t want to engage in a trade war with Washington but was ready to defend itself should Trump take punitive measures.

“I believe that wars are generally not a good idea, and that trade wars are not a good idea either, because at the end, everyone will lose,” Altmaier told ZDF.

“Therefore, the goal and interest is that we avoid this trade war,” Altmaier said, noting that the EU wanted to resolve differences with the US by lowering tariffs.

He said Brussels will respond with its own measures, “so that everyone knows that we protect and defend our own interests,” Altmaier added.

Ever since taking office in 2017, Trump has repeatedly vowed to reduce US trade deficits with other countries, calling out India, China and a number of European countries for their high tariffs.

The president has put tariffs on $250 billion of Chinese goods, as well as on most foreign steel and aluminum, solar panels and washing machines. They were meant to make US-made goods cheaper than foreign competitors’ and incentivize consumers to buy American.

PressTV-US trade deficit in 2018 hits record high in decade

An official report shows the US trade deficit last year hit the highest level in a decade, despite the sweeping tariffs Trump imposed on imported goods.

Trump pulled the United States out of the Trans-Pacific Partnership and renegotiated the North American Free Trade Agreement, both of which he called some of the “worst” deals.

He’s currently pursuing separate deals with China and the European Union.

An avid protectionist, Trump has also attempted to revive American manufacturing and reduce dependence on imported goods, including steel and other materials.

However, the US government’s Census Bureau revealed this week that the country’s trade deficit hit a 10-year high in 2018 as it grew to 621 billion dollars. That’s over $100 billion since he entered the White House.

Trump views the trade deficit as a measure of whether the US is winning or losing on trade.

Source: https://www.presstv.com/Detail/2019/03/08/590462/US-EU-Germany-trade-war-Trump-Altmaier

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Brexit Will Reportedly Prompt Germany to Pay Extra Billions to EU Annually

Sputnik International — Wed, 24 Oct 2018 04:52:24 +0000

MOSCOW (Sputnik) – Germany will have to pay an extra 15 billion euros ($17.2 billion) annually to the EU budget in 2021-2027 in light of the UK withdrawal from the European Union and the bloc’s increased expenses on security and border defense, media reported on Tuesday, citing the German Finance Ministry.

The ministry previously estimated the rise at 12 billion euros (13.8 billion), however, given the European Union’s call for the member nations to increase their future contributions from 1 percent to 1.1 percent of gross national income, the sum will see an additional spike, the German Frankfurter Allgemeine Zeitung newspaper said.

Such a spike is mainly connected with Brexit as well as the bloc’s new expenses on border defense and security, the media outlet clarified. Germany, the EU largest contributor, will therefore likely pay 45 billion euros to the bloc annually.

The Federation of German Industries (BDI) said earlier that the EU must avoid a worst-case Brexit scenario and negotiate an agreement that will leave the United Kingdom in the customs union and single market during the transition period.

In particular, BDI Director General Joachim Lang has stressed that “a hard Brexit would be a catastrophe,” creating problems for “dozens of thousands of companies and hundreds of thousands of employers across Europe.”

Concerns over a possible no-deal Brexit have been mounting for a long time. After a EU informal summit in Salzburg in September failed to produce a compromise on the format of post-Brexit economic partnership and the Irish border, Prime Minister Theresa May announced that London would continue preparations for a no-deal outcome. According to May, the European Union’s rejection of her Chequers Brexit plan has led the sides into an “impasse.”

However, Theresa May has also proposed the transition period to allow more time for a new relationship with the European Union to take hold, including a new trade agreement.

Source: https://sputniknews.com/europe/201810241069155494-uk-brexit-germany-eu-budget-billions-payment/

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‘We must move now into doing mode’: Germany’s political mess is annoying business leaders

Holly Ellyatt — Wed, 26 Sep 2018 01:25:44 +0000

–German Chancellor Angela Merkel’s position is looking weaker-than-ever and German business leaders are worried about it.
–Merkel’s long-term leadership of Germany – one that has previously earned her the nickname of “Mutti,” or “Mummy,” – has looked increasingly shaky over the past year.
–The six-month-old coalition is not a happy one, with infighting over immigration policy and, most recently, a very public dispute over a spy chief accused of harboring far-right views.

Tobias Schwarz | AFP | Getty Images

German Chancellor Angela Merkel attends a two-euro-coin presentation in Berlin on January 29, 2015.

German Chancellor Angela Merkel’s position is looking weaker-than-ever and German business leaders are worried about it.

Leading a fractious coalition government since voters delivered a hung parliament during Germany’s last election in October 2017, Merkel’s long-term leadership of Germany – one that has previously earned her the nickname of “Mutti,” or “Mummy,” – has looked increasingly shaky over the past year.

After months of inconclusive talks to form a coalition government, the Social Democratic Party (SPD) agreed somewhat reluctantly in March to forming another coalition with Merkel’s Christian Democratic Union (CDU) and its Bavarian sister party, the Christian Social Union (CSU).

The six-month-old coalition is not a happy one, with infighting over immigration policy and, most recently, a very public dispute over a spy chief accused of harboring far-right views.

Coalition could collapse

German business leaders told CNBC that they’re not too impressed by the political infighting that is preventing policy changes and economic reforms from taking place. There are also concerns (something missing here?)

Joachim Lang, director-general of the Federation of German Industries (BDI), told CNBC on Tuesday that the unstable political situation in Germany could get worse – with the possibility of the coalition breaking up.

“The situation is very unusual but my gut feeling is that they (politicians) have realized the danger and they now have to make up their mind if it’s better to stay in a grand coalition or to go their own ways and this decision will be made within a few weeks.”

The chancellor was dealt another political blow on Tuesday when lawmakers voted one of her closest parliamentary allies out of his role, raising further doubts over her political authority.

Volker Kauder, the head of the parliamentary group of Merkel’s CDU was defeated by fellow CDU member of parliament Ralph Brinkhaus. The result was a surprise – Kauder had been in the role for over a decade and Merkel had clearly recommended that Kauder be re-elected.

The overt rebellion has not gone unnoticed by Germany’s media, print newspaper Die Welt headlined its Wednesday edition, “Revolution inside the CDU” while Der Spiegel’s online version called it a “destructive vote of no confidence.” Even public broadcaster Deutsche Welle’s Editor-in-Chief Ines Pohl said in an op-ed on Tuesday that “Merkel’s time is coming to an end.”

‘We must stop talking’

Other business leaders are worried about what a weakened Merkel could mean for tackling challenges within the German economy. Klaus Rosenfeld, chief executive of manufacturing group Schaeffler, told CNBC that politicians need to stick together.

“The challenges for the short-term, but also the mid and long-term, can only be solved together, if business leaders and politicians work together,” he told CNBC’s Annette Weisbach on Tuesday at a BDI investor day.

At the same event, Markus Steilermann, the chief executive of manufacturer Covestro, insisted that there was no time to waste in addressing the changing needs of Germany’s economy, such as the development of energy infrastructure and digital technologies. Businesses have also called for regulations to be eased, or easier to implement, to improve Germany’s business environment.

“We must really move now into doing mode,” Steilermann told CNBC on Tuesday. “We really need to address the big picture items, we need to stop talking about small items and in-fights, we really need to move now and make sure we address key issues to boost the German economy and strengthen Germany in the context of having a very stable European Union.”

Holly EllyattCorrespondent, CNBC.com

Source: https://www.cnbc.com/2018/09/26/merkels-in-trouble-and-the-political-mess-is-annoying-business-leaders.html

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