US can't force trade rules on others, Germany must invest more in Iran â" economy minister
US canât force trade rules on others, Germany must invest more in Iran â" economy minister Get short URL Washington cannot dictate trade rules to others, Germanyâs economy minister said, adding that his country should be more assertive and defy American sanctions â" particularly by investing more in Iran.
âWe donât let Washington dictate [their will] on trade relations with other countries,â German Economy Minister Peter Altmaier told Bild newspaper on Saturday. He said the US sanctions on Iran are one instance in which Americaâs neglect of its partners are clearly shown.Read more
Therefore, Germany and other European countries should feel free to pursue improved relations with Tehran. âGerman businesses can continue to invest as much as they want in Iran,â Altmaier said, adding, however, that âmany companies depend on loans from banks, most of which refinance themselves in the US â" and it creates problems.â
Altmaierâs words come after the Trump administration imposed a second round of sanctions targeting Iranâs purchase of US dollars, despite pleas from some world powers. Earlier this year, Washington slapped Tehran with sanctions aimed at curtailing trade as well as the energy and shipbuilding industries.
These restrictions have damaged EU ties with Iran, which flourished after the milestone 2015 nuclear deal abandoned by the US. Last week, the EU responded to the latest Iran sanctions by calling on companies to disregard threats from the US. Apart from the issue of Iran, the US and Europe are locked in a dispute over tariffs on steel, aluminum, and automobiles.
With that in mind, the German minister said, the world now risks sliding into an all-out economic conflict, adding that âwe are just a few yards from the edge,â and âa global trade war would not know winners, only losers.â Politicians have no right to jeopardize hundreds of thousands of European jobs that depend on US-EU trade, he stated.
âWe have learnt from the past that mostly customers are suffering from trade wars as goods and services are getting more expensive,â Altmaier said. âThis trade war hampers economic growth and brings new uncertainties.â
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