Trump ‘Destroying Economic Growth,’ Germany’s Top Economic Official Says

The trade war between the United States and the European Union continues to escalate.

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Carolyn Kaster / AP Images

The trade war between the United States and the European Union continues to escalate.

German Economy Minister Peter Altmaier criticized Donald Trump over U.S. trade policies today, stating that the president of the United States is “destroying economic growth,” Reuters reports.

“This trade war is slowing down and destroying economic growth – and it creates new uncertainties,” Altmaier said, also suggesting that it is, in fact, consumers who will suffer the most in the end.

With what seems like disregard of the tensions between the United States and the European Union, which continue to escalate, Donald Trump is pushing for trade wars at all fronts with countries such as China and Iran. According to Germany’s economy minister, however, the United States and the EU need to come together, and strive toward “global trade order.”

“The agreement between the EU and U.S. can only be a first step. Our goal is a global trade order with lower tariffs, less protectionism and open markets,” Altmaier said, referring to the agreement reached between European Commission President Jean-Claude Juncker and the president.

Still, Altmaier added, Germany will “not let Washington dictate us with whom we can do business and we therefore stick to the Vienna Nuclear Agreement so that Iran cannot build atomic weapons.”

According to Germany’s top economic official, the country is working together with other EU members to ensure that financial transactions with Iran could still take place. German companies, Altmaier concluded, should be allowed to invest in Iran as much as they want.

While the trade dispute with the United States may be jeopardizing the growth outlook for Germany, the country expects strong growth in 2018, mostly due to rising wages, high employment, and high demand domestically.

As Politico reported, earlier this week European leaders released a joint statement, vowing to protect EU companies with business ties to Iran. The European guarantors of the Iran nuclear accord vowed to preserve it, while criticizing the United States for imposing tariffs on the country.

According to Politico, the divide between officials from Brussels and Washington over the Iran nuclear accord is a clear sign that the relationship between the two continents is continuing to deteriorate. Donald Trump, the same outlet noted, turned its back on Iran, benefiting Israel and Saudi Arabia.

As the Inquisitr reported, the Trump administration’s Israel ties are well-known and well-documented. For instance, the president’s son-in-law and senior adviser Jared Kushner’s family has made substantial investments with Israeli businesses and banks, and the Kushners are known to support various Israeli causes, including Israel’s army.

Saudi Arabia, on the other hand, sought to buy influence at the White House. This was revealed by the New York Times in March this year, after the paper had obtained hundreds of pages of correspondence between individuals affiliated with Donald Trump and Saudi Arabian officials.