An influential German industry body raised serious concerns on Wednesday about the effects of the languishing state of U.S.-German relations on the transatlantic trade partnership.
“The constant threat of new tariffs and the announced U.S. sanctions in connection with Nord Strea-2 are currently putting a considerable strain on the transatlantic partnership,’’ Dieter Kempf, Head of the Federation of German Industry (BDI), told dpa.
“We reject extraterritorial sanctions that violate international law and we expect the United States to resolve transatlantic trade conflicts,’’ Kempf added.
The security and prosperity of both countries depended upon the two cooperating in future to shape globalisation “on the basis of the values that bind them’’, the industry leader said.
Kempf said that although the coronavirus pandemic and the ensuing economic fall-out had resulted in a dramatic slump in U.S. economic output.
“The U.S. remained a very important trading partner for the EU.’’
However, Kempf called on the bloc to “assert its interests and values more decisively’’ and “act more confidently’’ in its economic partnerships with both the U.S. and China.
“Only with a strong union that shows internal unity will we be taken seriously by the other major powers,’’ he said.