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FT: Trump’s top trade adviser accuses Germany of currency exploitation
The Trump administration just fired the first shot in the US-European
currency, and thus trade, wars when Trump's top trade advisor Peter Navarro
accused Germany of using a “grossly undervalued” euro to "exploit the US
and its EU partners", the FT reported noting the comments are "likely to
trigger alarm in Europe’s largest economy." News of the statement sent the
EURUSD surging and the dollar tumbling to fresh 2 month lows.
Navarro, the head of Mr Trump’s new National Trade Council, told the
Financial Times the euro was like an “implicit Deutsche Mark” whose low
valuation gave Germany an advantage over its main partners. While not
necessarily novel - Germany has often been accused of being the biggest
winner from a weak euro at the expense of peripherla Europe - his views
suggest the new administration is focusing on currency as part of its hard-
charging approach on trade ties, according to the FT. Furthermore, virtually
assuring a deterioration in US-German relation, and in a departure from
past US policy, Navarro also called Germany one of the main hurdles to a US
trade deal with the EU and declared talks with the bloc over a Transatlantic
Trade and Investment Partnership dead.
“A big obstacle to viewing TTIP as a bilateral deal is Germany, which
continues to exploit other countries in the EU as well as the US with an ‘
implicit Deutsche Mark’ that is grossly undervalued,” Mr Navarro said. “
The German structural imbalance in trade with the rest of the EU and the US
underscores the economic heterogeneity [diversity] within the EU — ergo,
this is a multilateral deal in bilateral dress.”
The comments highlight a growing willingness by the Trump administration to
antagonise EU leaders and particularly Angela Merkel, the German chancellor.
Besides publicly supporting Mrs May’s government in its negotiations with
the EU over the terms of its exit, Mr Trump called the EU a vehicle for
Germany, and Nato an obsolete alliance.
Mr Navarro’s intervention follows a visit to Washington last week by
Theresa May, the British prime minister, in which she and Mr Trump discussed
ways to launch negotiations for a US-UK trade deal. |
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