#AceNewsReport – May.27: President Donald Trump has criticized Germany’s trade surplus with the United States, drawing attention to a contentious issue at a summit of world leaders where trade is already a sticking point. White House economic adviser Gary Cohn said the president’s comments focused on the surplus and not the country: #AceNewsDesk reports
Trump calls Germans ‘very bad’ on trade, criticizes surplus
Published on May 26, 2017 at 09:34AM by By DAVID McHUGH, AP Business Writer “He said they’re very bad on trade, but he doesn’t have a problem with Germany.” In January, he said that German car manufacturers like BMW could face U.S. tariffs of up to 35 percent if they set up plants in Mexico instead of in the U.S. and try to export the cars to the U.S.
Last year, Germany ran a current account surplus — the broadest measure of trade and investment flows — of 8.7 percent of annual economic output.
The country benefits from producing competitive goods such as luxury autos and industrial machinery that are in demand in the rest of the world. #AceNewsDesk
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