Trump’s trade chief accuses Germany of currency manipulation

Peter Navarro, Trump’s trade chief, has slammed Germany for exploiting a “grossly undervalued” euro to gain a trade advantage with the USA.

Navarro also slammed the door on any plan German car companies may have had to circumvent tariffs proposed by Trump by manufuring components outside the USA but assembling the cars themselves in the USA.

Navarro told the FT: “It does the American economy no long-term good to only keep the big box factories where we are now assembling ‘American’ products that are composed primarily of foreign components.”

Navarro said policymakers wanted a “robust domestic supply chain that will spur job and wage growth” and create well paying jobs for Americans so that they have the disposable income to buy American products in a virtuous economic circle or hire America and buy America.

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