Jan 31, 2017
Trump Adviser Blasts Germany for Exploiting 'Undervalued' Euro
U.S. President Donald Trump's top trade adviser accused Germany of bolstering its trade advantage with a "grossly undervalued" euro, according to the Financial Times.
Peter Navarro, the head of the new White House National Trade Council, was quoted as saying that Germany's advantageous trade position within the EU was the main reason for the demise of the U.S.-EU trade accord known as the Trans-Atlantic Trade and Investment Partnership. As the administration seeks bilateral trade arrangements at the expense of multilateral deals, Navarro called TTIP "a multilateral deal with many countries under one 'roof,'" according to written responses to the newspaper's questions.
The comments aimed at Europe's biggest economy are an implicit challenge to German Chancellor Angela Merkel, who is presiding over the Group of 20 countries this year on a platform of free trade and plans to host Trump at a summit in July. The Finance Ministry in Berlin declined to comment on Navarro's reported remarks. The euro rose 0.5 percent to $1.0752 at 2:35 p.m. in Berlin.
by Patrick Donahue
Peter Navarro -- Photographer: Andrew Harrer/Bloomberg