A German expert urged joint efforts of the international community to remove trade barriers caused by the U.S. unilateral tariff imposition and safeguard free trade.
Amid widespread opposition, U.S. President Donald Trump signed an executive order on the so-called "reciprocal tariffs" on April 2, imposing a 10-percent "minimum baseline tariff" on all trading partners and higher rates on certain countries.
The order took effect on April 5, leaving all imports subject to 10 percent additional tariffs, except as otherwise provided.
The U.S. also imposed an "individualized reciprocal higher tariff" on the countries and regions with which it "has the largest trade deficits".
Bernd Einmeier, an expert with Germany's ThinkTank Networks GmbH and Co. KG, said the U.S. tariff move will not only pose a challenge to the traditional transatlantic partnership, but also cause losses to itself.
"The situation we are currently experiencing in Europe is indeed unprecedented. The transatlantic relationship has never sunk to such a low point. The unilateral global trade war initiated by the United States has seriously undermined the growth of the world economy and is undoubtedly a wrong path. The stock market plunged in response, and the American people have also suffered a lot," he said.
Einmeier said it is the only right path to prosperity and stability for international community to adhere to dialog and cooperation and uphold the principle of free trade.
"We believe that the international community should join hands to address the current situation, and take coordinated actions to eliminate trade barriers caused by the unilateral tariff hikes imposed by the United States, safeguard free trade and ensure the smooth flow of goods. At present, it is urgently needed to restore rationality to free trade," he said.
The U.S. tariffs have sparked widespread criticism from the German media, business and political circles.
As Handelsblatt reported on Saturday, Friedrich Merz, Germany's incoming chancellor , believes that the financial crisis is bound to occur, but the specific time and incentives are not clear.
He said Trump's policies have increased the risk that the next financial crisis will come earlier than expected, and Europe should come up with a viable response.
Merz's conservative block of CDU/CSU and the Social Democratic Party (SPD) on Wednesday agreed on a coalition deal to form a new federal government.
Following the coalition agreement, Merz is expected to be elected chancellor next month.
German expert urges joint response to trade barriers caused by US tariffs
German expert urges joint response to trade barriers caused by US tariffs
German expert urges joint response to trade barriers caused by US tariffs
German expert urges joint response to trade barriers caused by US tariffs
