Breaking News

Asia Today ISSN 1861-4604 Friday, April 28, 2017

Headline

Germany's 2016 record trade surplus may lead to more U.S. accusations

Trade surplus for 2016 rose to 252.9 billion euros

Share on Facebook February 10, 2017, Reporter : Big News Network, Reader : 168

news

BERLIN, Germany - Germany posted a record trade surplus in 2016, official data showed on Wednesday, which may lead to further accusations by the Trump administration that Europe’s largest economy is exploiting a “grossly undervalued” euro.> BNN

Germany's trade surplus for 2016 rose to 252.9 billion euros ($270.05 billion), surpassing the previous high of 244.3 billion euros in 2015, the Federal Statistics Office said.

Exports climbed 1.2 percent to reach 1.2 trillion euros thanks to strong demand from other EU counties, while imports moved up 0.6 percent to 955 billion euros.

The European nation's latest report will fuel more accusations in the wake of charges by Peter Navarro, head of the White House National Trade Council, who told the Financial Times that Germany is gaining an unfair advantage over the U.S. and other nations by devaluing its currency.

The claim was dismissed by European Central Bank President Mario Draghi, Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble. 

“The fact that the German economy is exporting much more than it imports is a source of concern and no reason to be proud” because weak imports are the result of a lack of investment, Marcel Fratzscher, head of the DIW economic institute in Berlin, said in a statement. 

“The record surplus will continue to fuel conflict with the U.S. and within the European Union.”

On Wednesday, Merkel said the European Union would have to move ahead with trade deals with other countries if it does not reach an agreement with Trump's administration.

The head of the German exporters’ association, Anton Boerner, meanwhile urged cautioned over Trump’s stance on trade.

“Politicians and business in Germany must take President Trump seriously. He only understands tough language,” Boerner said. 

“It must be made clear that Trump will lose a lot more if we lose.”

More Euro Asia news of the month

Photos Ivanka Trump says her father is a ‘tremendous champion’ for women

BERLIN, Germany - As unexpected as Ivanka Trump’s presence at an economic conference in Berlin was, reactions to her speech were...

Photos Macron, Le Pen Likely To Face Each Other In French Presidential Runoff

PARIS: French centrist candidate Emmanuel Macron and far-right leader Marine Le Pen are set to qualify for a May 7 runoff for the French...

Photos Man arrested at Paris train station after threatening police with knife

A knife-wielding man threatened police at Gare du Nord train station in Paris on Saturday, causing panic before he was arrested, Reuters...

Photos Spy planes, bombers intercepted in international airspace off the coast of Alaska

WASHINGTON, U.S. - Over the last week, U.S. defense officials have made sightings of Russian bombers off the Alaskan coast. Two U.S....

Photos French Presidential Elections take dramatic turn: Le Pen debates immigration, Macron sways undecided voters

PARIS, France - With merely six days left before the first round of voting in the all crucial French Presidential Elections, the...

Photos More than 2,000 migrants rescued in dramatic day in Mediterranean

More than 2,000 migrants trying to reach Europe were plucked from the Mediterranean on Friday in a series of dramatic rescues and one...

Photos Pope deplores racism, migrant suffering in Easter prayer

PanARMENIAN.Net - Pope Francis deplored the suffering of migrants, victims of racism and persecuted Christians as some 20,000...

Photos Stockholm attack: Borders tightened and security boosted, one suspect arrested, dozens injured still recovering

STOCKHOLM, Sweden - A day after a truck rammed into a crowd outside a busy store in central Stockholm, the Swedish police have said that...

Photos Stockholm terror attack. Casualties reported after truck

STOCKHOLM, Sweden - Central Stockholm’s busy shopping center area witnessed scenes of chaos after a truck ran over a crowd,...

Flying Reimagined

Stock Index

Friday, April 28, 2017

Life Style

Photo Gallery

FEUILLETON